Soybean futures are trading at or near their lows for the day for the midday prints. Old crop futures are down by as much as 13 cents which has the March contract under the $12 mark for the first time since June. Front month Soymeal futures are firm on Monday with midday gains of as much as $4/ton. Soy oil futures are triple digits weaker with losses of over 3% at midday.
USDA’s weekly Export Inspection data had 889,717 MT (32.7 mbu) of soybeans shipped during the week that ended 1/25. That was a 54% decrease from the same week last year. The MY total reached 27.666 MMT (1.016 bbu), which also remains 22% behind last year’s pace.
Safras and Mercado reported the Brazilian soybean harvest at 9% complete, vs 4.4% at this time last year.
The BA Grain Exchange estimates 98% of the Argentine soybean crop is planted. Condition was rated 44% good/ex, a sharp drop from the previous week. That group rates 8% of the crop in poor condition vs. only 2% the previous week. Their production estimate of 52.5 MMT is still larger than the most recent USDA figure of 50 MMT.
Mar 24 Soybeans are at $11.96, down 13 1/4 cents,
Nearby Cash is at $11.41 1/4, down 13 5/8 cents,
May 24 Soybeans are at $12.06, down 10 1/4 cents,
Jul 24 Soybeans are at $12.15 1/2, down 8 1/2 cents,
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