Soybeans felt weakness for much of the session on Tuesday, with contracts closing anywhere from 3 o 6 ¾ cents lower on Turnaround Tuesday. Soymeal futures saw $2.10 to $4.10 losses to continue with the weakness. Soy oil futures tried to hold things up, with gains of 29 to 41 points. Thus far in the 9 trading days of February, November soybeans have averaged a close of $11.72. The full month average is used to define this year’s base Crop Insurance price.
With the USDA Ag Outlook Forum later this week, the trade is looking for soybean planted acres to come in at 86.7 million acres via USDA’s estimate. That would be up 3.1 million acres from last year if realized.
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 bushel. 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 lbs 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 closed at $11.86 1/4, down 6 3/4 cents,
Nearby Cash was $11.33 1/2, down 6 3/4 cents,
May 24 Soybeans closed at $11.91 3/4, down 6 cents,
Jul 24 Soybeans closed at $12.01 1/2, down 6 cents,
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