Beans Off Highs, Fractionally Mixed so far
The soybean futures have given back their initial Thursday strength and are trading within 2c of UNCH for midday. March soybeans have seen a 13 ½ cent range so far for the day from -4 ¾ to +8 ¾ cents. CME data showed traders added 9.9k new soybean futures yesterday, and 10.6k new put options. That OI increase fit the recent pattern, as soybean OI has increased 62,560 contracts (10%) since the beginning of 2024. Midday Soymeal futures are trading 20 to 90 cents in the red so far. Soy oil futures are also weaker with 25 to 29 point losses through midday.
Analyst estimates range from 400k MT to 900k MT for soybean export bookings during the week that ended 1/11. New crop soybean sales are expected to be sub-50k MT. Pre-report estimates for soymeal sales range from 100k MT to 400k MT, with BO expected to be within +/-10k MT.
The European Commission reported marketing year soybean imports reached 6.3 MMT through 1/14. That is 100k MT ahead of last year’s pace. Rapeseed imports were up to 3.03 MMT, trailing 4.24 MMT last year.
Mar 24 Soybeans are at $12.08 1/4, up 2 1/2 cents,
Nearby Cash is at $11.51 1/2, up 2 1/2 cents,
May 24 Soybeans are at $12.19, up 3/4 cent,
Jul 24 Soybeans are at $12.28 1/4, unch,
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.
