Beans Fade back to $12 Mark
The July ’24, Aug ’24, and Jan ’25 contract held over the $12 mark for the close after the 7 to 10 ¼ cent losses on Tuesday. The other front months were below the round number and closed near their session lows. Soymeal futures ended Tuesday with $1.60 to $1.90 losses on the pullback. Front month Soy Oil futures were 53 to 60 points lower on the day, and just ~5 points off their session low.
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.
The weekly Export Inspections report showed 769k MT of beans were shipped during the week that ended 3/21. That was 69k MT more than last week, but was under the 893k MT shipped during the same week last year. The YTD total reached 36.55 MMT, which is now 8.4 MMT behind last year’s pace.
May 24 Soybeans closed at $11.99, down 10 1/4 cents,
Nearby Cash was $11.42 5/8, down 10 1/2 cents,
Jul 24 Soybeans closed at $12.12 1/2, down 9 1/4 cents,
Nov 24 Soybeans closed at $11.91, down 7 3/4 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.
