Beans Staying Higher Through Thursday
Soybean futures are off their highs by a nickel, but are still holding gains through Thursday’s midday. Soymeal futures are currently $4 higher. Soybean Oil futures are trading in the red.
USDA’s FAS reported soybean bookings were 1.08 MMT during the week that ended 12/07. That was a 3-wk low and 60% of the same week last year’s volume, and was near the low end of pre-report estimates. The report included 576k MT of previously announced business.
The week’s soymeal sales were shown at 325,839 MT. That was a 7-wk high, but was within the range of estimates. USDA reported 259 MT of soy oil was sold for export during the week that ended 12/07. Estimates were from -1k MT to +10k MT for the week.
Brazil’s Abiove reported the 2023 soybean crush was ~53.6 MMT, and project the 2024 crush at 54.5 MMT – citing favorable biofuel laws. Abiove projects the bean export will fall 300k MT yr/yr to 100.2 MMT.
Brazil’s Anec projects the Dec soybean export at 3.45 MMT, a 70k MT decrease from their prior estimate.
Jan 24 Soybeans are at $13.13 1/4, up 5 3/4 cents,
Nearby Cash is at $12.59, up 6 cents,
Mar 24 Soybeans are at $13.31 1/2, up 5 1/4 cents,
May 24 Soybeans are at $13.44 3/4, up 4 1/2 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.
