Beans Off Lows, Still Red at Midday
The midday soy market is trading mostly lower, though meal is off the lows and in the black. Soybean futures are still down by 3 ¼ to 5 ½ cents, though futures have recovered a nickel from their session lows. Futures gapped lower at the overnight open. Midday Soymeal futures are up, but by less than $1/ton. Front month Soy Oil futures are trading off their lows for midday, but still 70 to 82 points in the red.
Pre-report estimates have old crop bean sales coming in between 300k MT and 700k MT for the week that ended 3/21. Traders are looking for new crop export bookings to be below 50k MT. The Export Sales report is expected to show soymeal sales between 150k MT and 350k MT. Soy oil bookings are expected to be below 10k MT for the week.
StatsCan data showed Canada’s Feb canola crush was 898k MT. That was up 10.6% from the same month last year. Canola oil output was 382k MT.
AgRural reported Brazilian soybean harvest at 69%, which is now trailing last year by 1 percentage point.
May 24 Soybeans are at $11.97 1/2, down 1 1/2 cents,
Nearby Cash is at $11.40, down 1 1/2 cents,
Jul 24 Soybeans are at $12.11 1/4, down 1 1/4 cents,
Nov 24 Soybeans are at $11.86 3/4, down 4 1/4 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 Barchart Disclosure Policy here.