Beans are trading with 3 to 6 cent gains so far on Tuesday’s midday. The national front month Cash Bean price from cmdtyView was 3 1/2 cents higher at $9.78 1/4. Soymeal futures are down 80 cents/ton, with Soy Oil futures back up 73 points so far on the session.
Weekly Export Inspections data from USDA showed a total of just 720,332 MT (26.47 mbu) of bean shipped in the week that ended on 2/13. That was a decline of 44.2% from last year and 34.4% below the week prior. China was the largest destination of 208,564 MT, with 119,099 MT headed to Egypt, and 95,601 MT to Mexico. Marketing year to date exports have totaled 36.01 MMT (1.323 bbu), which is 12.3% above the same week last year.
Large managed money spec funds in soybean futures and options were slashing their net long position as of February 11 by 28,554 contracts. They cut that fresh net long by nearly half to just 28,475 contracts on that Tuesday.
NOPA data from this morning showed a total of 200.38 mbu of soybeans crushed in January by members, coming in below trade estimates of 204.54 MMT. That was a 3.01% drop from the December total, but was still 7.86% larger than the same month last year. Soy oil stocks were tallied at 1.27 billion lbs, slightly below estimates and still 15.5% below the same month last year.
Brazil’s soybean crop was estimated at 23% planted as of last Thursday, lagging the 32% harvest pace from last year.
Mar 25 Soybeans are at $10.39 1/2, up 3 1/2 cents,
Nearby Cash is at $9.78 1/4, up 3 1/2 cents,
May 25 Soybeans are at $10.56, up 3 1/4 cents,
Nov 25 Soybeans are at $10.57 1/4, up 5 1/4 cents,
New Crop Cash is at $9.94 1/2, up 5 3/4 cents,
On the date of publication, Austin Schroeder 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.More news from Barchart
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