Old crop beans are still fractionally to 4 ½ cents in the red, while the new crop prices are UNCH to 1 ½ cents in the black. Midday Soymeal futures are down by more than 1% with $4/ton losses so far. Soy Oil futures are 38 points in the black across the front months.
Canadian Canola Prices are up by $4 to $5 so far at midday. Stats Canada released a planting intentions report this morning for 2024, showing canola acres expected at 21.39 million, slightly below the 21.6 million acre estimate coming in and 3.1% below last year. Soybean intentions were very close to last year, at 5.58 million acres, down just 0.9% and in line with estimates.
Export Inspections data had 706,334 MT of soybean shipments for the week that ended 3/7. That was down from 1.2 MMT last week but was up 68k MT from the same week last year. Total shipments, at 35 MMT, remain 19.2% behind last year’s pace.
Estimates from Patria Agronegocios showed soybean harvest was 52.7% complete, now behind last year’s pace. Recall the severe dryness during planting led to an extended plant date and spurred replant decisions which will push the back half of harvest later than usual for those impacted fields.
USDA’s monthly update had no changes for domestic soybean supply nor demand. The cash average price remained at $12.65. Soy oil’s cash average price was 2 cents weaker at 49 cents/lb.
May 24 Soybeans are at $11.80, down 4 cents,
Nearby Cash is at $11.22, down 3 3/8 cents,
Jul 24 Soybeans are at $11.93, down 2 1/2 cents,
Nov 24 Soybeans are at $11.74 3/4, up 1 cent,
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
