Front month soybean futures are working 11 ¾ to 20 cents in the red with over 1% losses across the front months. Soymeal futures are down by $5/ton so far. Soy oil futures are currently 75 to 87 points weaker.
The Canadian canola crush was shown at 943k MT for December according to the StatsCan data. That was up 14.1%, bringing the season total to 4.578 MMT.
The weekly FAS data showed 560,869 MT of soybeans were booked during the week that ended 1/18. That was below expectations and was 57% of last year’s volume. Bean commitments were at 37.9 MMT as of 1/18 compared to 45.3 MMT last year.
USDA’s weekly Export Sales data also had 255.8 MT of soymeal sales, which was inline with estimates. Soybean oil sales were reported at 118 MT compared to the -5k to +10k MT expected.
While Brazilian soybeans exports are slowing seasonally, freight sources are projecting that January shipments will still total 2.3 MMT, vs. less than 1 MMT in January 2023. Soybean harvest is ramping up for the 2024 crop, with Mato Grosso now around 13% done and Parana at 12%. National estimates are still in the 6-7% range.
Mar 24 Soybeans are at $12.20 3/4, down 19 1/2 cents,
Nearby Cash is at $11.65 3/8, down 19 3/8 cents,
May 24 Soybeans are at $12.28, down 18 1/2 cents,
Jul 24 Soybeans are at $12.35 3/4, down 17 cents,
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