Soybeans futures are currently down by 10 cents across the front month with the lead month sub $12. March sits at a net weekly loss of 17 ¼ cents at midday. Soymeal futures are also another r$2.10 to $3.60 weaker so far. ended the trading day with 1.7% to 1.9% losses of as much as $6.90. Soy oil futures are 83 to 90 points lower at midday.
USDA’s FAS Export Sales report showed soybeans bookings during the week of January 25 at just 164,000 MT, well below the minimum 500k MT expected and a marketing year low. Soybean meal sales were tallied at 494,231 MT for that week, the second largest during the MY so far. Bean oil bookings were just 1,043 MT as the domestic full market is absorbing the supply.
The monthly Fats and Oils report showed 204.3 mbu of soybeans were crushed in December. That was a new all-time high but was slightly below the trade average guess. NASS data has the season total at 780.5 mbu through Dec, which is also a record pace and compares to 741.2 mbu last year. Soybean oil stocks were reported at 1.36 billion lbs, up from from 1.214b in November.
Private analyst firm StoneX reduced their outlook for Brazil’s 23/24 soybean crop by 1.6% to 150.35 MMT – citing weather. They then dropped exports by 2 MMT to 93 MMT. Anec estimates the Brazilian January soybean exports were 2.49 MMT.
Mar 24 Soybeans are at $11.92, down 11 1/4 cents,
Nearby Cash is at $11.39 1/8, down 11 1/2 cents,
May 24 Soybeans are at $12.02, down 11 3/4 cents,
Jul 24 Soybeans are at $12.11 3/4, down 12 cents,
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