Soybeans are down double digits early on Wednesday morning, leaving all nearby contracts below the $12 mark – save for July beans which are holding. Beans faded off their highs on Tuesday, as March ended below the $12 mark. The front month contracts were still fractionally to 3 ½ cents higher at the close. The new crop soy/corn ratio was 2.467 going home, still favoring soybeans. Soymeal futures ended the day in the red with losses of $1.40 to $2.30/ton. Nearby Soy oil futures stayed in the black for the close with 59 to 52 point Tuesday gains. The Dalian market will be closed this Friday (9th) for a full week for the Chinese New Year.
Ag Rural estimated the 23/24 Brazilian soy harvest at 16% complete through Feb 1. That is up from 11% the week prior and compares to 9% last year. Crusher association ABIOVE cut their projected Brazilian bean crop to 156.1 MMT vs. USDA at 157. They expect that the drop in output will nick exports but not domestic crush.
Mar 24 Soybeans closed at $11.99 1/2, up 3 1/4 cents, currently down 13 1/4 cents
Nearby Cash was $11.47 1/2, up 3 1/8 cents,
May 24 Soybeans closed at $12.08 1/4, up 3 1/2 cents, currently down 12 1/2 cents
Jul 24 Soybeans closed at $12.17 3/4, up 3 1/2 cents, currently down 11 3/4 cents
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