Soybean futures have slid from their early session highs into the midday quotes, but futures are still in the black and March is holding above the $12 mark. Soymeal futures are trading red through midday, with losses of as much as $3.20. Soy oil futures are trading higher into the midday quotes with gains of 58 to 63 points so far. Dalian market will be closed this Friday (9th) for a full week for the Chinese New Year.
Ag Rural estimated the 23/24 soy harvest at 16% complete through Feb 1. That is up from 11% the week prior and compares to 9% last year.
The weekly Export Inspections report showed 1.426 MMT (52.4 mbu) of soybeans were shipped during the week that ended 2/1. USDA reported the season’s total shipment at 29.12 MMT (1.07 bbu), which remains 24% behind last year and 17% behind the 5-yr average pace.
Analysts are expecting USDA to raise soybean carryout by 4.6 mbu to 284.6 mbu on average ahead of the Feb USDA reports. The full range of estimates runs 245 to 310 mbu for Thursday’s report. Pre-report estimates anticipate a 3.3 MMT cut to Brazilian output partially offset by an 800k MT larger Argentinian crop.
Mar 24 Soybeans are at $12.01 1/2, up 5 1/4 cents,
Nearby Cash is at $11.49 5/8, up 5 1/4 cents,
May 24 Soybeans are at $12.10 1/4, up 5 1/2 cents,
Jul 24 Soybeans are at $12.19 1/4, up 5 cents,
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