Soybeans are heading lower following the Monday Strength. Contracts are 6 to 8 cents lower on Turnaround Tuesday as forecasts in South America are wetter. March Soymeal futures are down $3.70 to continue with the weakness. March Soy oil futures are up 30 points.
NOPA’s monthly crush report will be released on Thursday as the average trade guess is for the January total to be around 189.93 million bushels. That expected total would be down 2.8% from December but still 6.1% larger than the Jan 2023 total. Bean oil stocks are expected to hit 1.409 billion lb for 1/31, a 3.6% increase from Dec 31 if realized.
Malaysian palm oil futures were up overnight as the Malaysian Palm Oil Board showed stocks at 2.02 MMT, a 11.83% decline vs. Dec. That was also below the limited sample of traders expecting around 2.14 MMT.
Mar 24 Soybeans are at $11.87, down 6 cents,
Nearby Cash is at $11.34 1/4, down 6 cents,
May 24 Soybeans are at $11.91, down 6 3/4 cents,
Jul 24 Soybeans are at $12.00 1/4, down 7 1/4 cents,
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