The soybean complex is slipping back early on Wednesday trade, down fractionally to 1 ¼ cents. Soybeans settled Tuesday with front month gains of 2 to 3 cents, as new crop contracts were 5 to 7 cents higher. The cmdtyView national front month Cash Bean price from was 2 1/2 cents higher on Tuesday at $9.77 1/4. Soymeal futures were down $2.30/ton on the day, with Soy Oil futures back up 121 points on the session. Strength in crude oil helped.
USDA’s Export Inspections report showed a total of just 720,332 MT (26.47 mbu) in soybean exports during the week that ended on 2/13. That was a decline of 44.2% from last year and the lowest for this week in the marketing year since 2005. 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.
The monthly crush report from NOPA tallied a total of 200.38 mbu of soybeans crushed by members in January. That was a 3.01% drop from the record December total, but was still 7.86% larger than the same month last year. Soy oil stocks were reported at 1.27 billion lbs, still 15.5% below the same month last year.
ANEC estimates the Brazilian soybean exports will total 9.72 MMT in February, down from their previous 10.1 MMT estimate.
Mar 25 Soybeans closed at $10.38 1/2, up 2 1/2 cents, currently down 1/4 cent
Nearby Cash was $9.77 1/4, up 2 1/2 cents,
May 25 Soybeans closed at $10.55 1/2, up 2 3/4 cents, currently down 1 cents
Nov 25 Soybeans closed at $10.58, up 6 cents, currently down 1 1/4 cents
New Crop Cash was $9.94 1/1, up 6 1/4 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
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
