The midday beans are trading 5 ½ to 13 cents in the red, and are at or near their lows for the day. Soymeal futures are also mostly red, though losses are limited to $1.60/ton for midday. Soy oil futures are down by as much as 92 points on near 2% losses. 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.
Ahead of the weekly Export Sales report, traders are expecting between 300k MT and 800k MT of old crop soybeans were sold. Wire sources showed South Korea booked 60k MT of optional origion soymeal. Algeria is also tendering for 35k MT of soymeal.
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 in 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 would be down 2.8% from December but still 6.1% larger than the Jan 2023 number. NOPA 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 are at $11.74 3/4, down 11 1/2 cents,
Nearby Cash is at $11.22 1/4, down 11 1/4 cents,
May 24 Soybeans are at $11.80 1/2, down 11 1/4 cents,
Jul 24 Soybeans are at $11.90 1/2, down 11 cents,
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