Soybean prices are extending the strength in early Tuesday futures action. The soybean futures finished 4 ½ to 9 ½ cents higher across the front months on Monday. The March contract traded within a -1c to +13 ¼ cent range on the day. Soymeal futures closed $2.10 to $2.90 in the black. Soy oil futures finished the session 27 to 36 points in the red as the complex’s weak link.  

USDA’s weekly Export Inspections report had 1.326 MMT of soybean shipments for the week that ended 2/8. That is down from 1.75 MMT last week and compared to 1.69 MMT during the same week last year. The year to date total is now 22.7% behind last year’s pace with 30.767 MMT shipped. 

The BAGE (Argentine futures exchange in Buenos Aires) showed a decline in soybean condition ratings last week, to 31% good/ex.  That compares to 16% a year ago. Patria Agronegocios reported Brazilian harvest at 23.8% complete, compared to 17.4% at the same time last year. SAFRAS lowered their Brazilian soybean estimate a sharp 9 MMT, to 149 MMT, now very similar to CONAB.  The Malaysian Palm Oil Board is expected to release updates, with a limited sample of traders expecting palm ending stocks around 2.14 MMT. 

Mar 24 Soybeans  closed at $11.93, up 9 1/2 cents, currently up 1 3/4 cents

Nearby Cash   was $11.40 1/4, up 9 7/8 cents,

May 24 Soybeans  closed at $11.97 3/4, up 7 3/4 cents, currently up 1 cent

Jul 24 Soybeans  closed at $12.07 1/2, up 7 3/4 cents, currently up 1/2 cent


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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