The July ’24 contract is holding above the $12 mark at midday, after spiking below it earlier in the session. The other nearbys have slipped under the round number mark. Current quotes have beans 7 ¼ to 12 ¾ cents in the red, led by old crop. Soymeal futures are down by 2% at midday despite the record export data released this morning. Soy oil futures are holding higher, with 41 to 48 point midday gains. 

Monthly Census data had soybean exports at 177.3 mbu for December. That was a 5-yr low for the month, and was a 3 month low for the season. The season’s total soybean exports sit at 890.5 mbu through Dec. Monthly soymeal shipments were an all time record with 1.45 MMT shipped in December ’23. That came in over the prior 1.33 MMT record set in November the month earlier. October meal exports were also a respective record for the month, setting the season’s total at 3.97 MMT. Census had 5.7k MT of soy oil shipments for December. 

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  are at $11.87, down 12 1/2 cents,

Nearby Cash   is at $11.34, down 12 1/2 cents,

May 24 Soybeans  are at $11.95 3/4, down 12 1/2 cents,

Jul 24 Soybeans  are at $12.04 3/4, down 13 cents,


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.

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