Soybean futures are currently down 4 ¾ to 7 cents through Wednesday. Midday Soymeal futures are currently $0.20 to $1.40 in the red. Soy oil futures are also red at midday, though by less than 5 points across the nearby contracts.
USDA will release the monthly Fats & Oils report after the Thursday close. Trade estimates for December soybean crush average 206 million bushels, with a couple estimates at 207. Soy oil stocks are on average expected to build to 1.764 billion pounds due to the higher crush rate and a recent tendency for biofuels refiners to utilize imported used cooking oil instead of bean oil. At the average guess, BO stocks would still be at least 23% tighter than year ago.
Anec estimates the Brazilian soybean export at 2.49 MMT for the month of January. That is up from 940k MT during Jan ’23. Meal shipments were projected at 1.76 MMT vs 1.43 MMT last year.
Mar 24 Soybeans are at $12.12 1/4, down 6 1/2 cents,
Nearby Cash is at $11.55 1/2, up 15 5/8 cents,
May 24 Soybeans are at $12.22 3/4, down 5 cents,
Jul 24 Soybeans are at $12.31 3/4, down 4 1/2 cents,
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