Soybeans pushed the downside overnight and set new lows for the move, though futures have since rallied back by more than 20c for 10 to 17 cent midday gains. March soybeans are trading 25c off the overnight’s low, just 4c off the session high, and back over the $12 mark at midday. New crop beans held firmer, but also faded by 2 to 4 ½ cents. Preliminary open interest shows net new selling on Monday, rising 17,290 contracts.
Front month Soymeal futures were the bright spot in the complex on Monday, ending the day up by $2.30 to $5.30/ton. That boosted values back above those for South American origin. Soy oil futures led the way lower with losses of near 3% to start the week.
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. Commercial sources indicate China has delayed shipment of 3 to 5 cargoes to March because of higher-than-expected freight costs.
Trade reports have an East Coast poultry producer importing Brazilian beans into the US for crushing.
Safras and Mercado reported the Brazilian soybean harvest at 9% complete, vs 4.4% at this time last year. AgRural has slightly different timing and indicates 11% harvested vs. 5% year ago at this time.
Mar 24 Soybeans are at $12.13 1/4, up 19 cents,
Nearby Cash is at $11.58 7/8, up 19 cents,
May 24 Soybeans are at $12.22 1/4, up 17 1/4 cents,
Jul 24 Soybeans are at $12.30 3/4, up 15 1/2 cents,
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