Sharp Soybean Losses Pull March sub-$12

Beans faded through the first trade day of the week and ended the day just 3c off the session lows. March beans closed under the $12 mark for the first time since June. New crop beans held firmer, but also faded by 2 to 4 ½ cents. Front month Soymeal futures were the bright spot in the complex on Monday, ending the day up by $2.30 to $5.30/ton. Soy oil futures led the way lower with losses of near 3% to start the week. 

USDA’s weekly Export Inspection data had 889,717 MT (32.7 mbu) of soybeans shipped during the week that ended 1/25. That was a 54% decrease from the same week last year. The MY total reached 27.666 MMT (1.016 bbu), which also remains 22% behind last year’s pace.  

Safras and Mercado reported the Brazilian soybean harvest at 9% complete, vs 4.4% at this time last year. 

The BA Grain Exchange estimates 98% of the Argentine soybean crop is planted. Condition was rated 44% good/ex, a sharp drop from the previous week. That group rates 8% of the crop  in poor condition vs. only 2% the previous week.  Their production estimate of 52.5 MMT is still larger than the most recent USDA figure of 50 MMT.  

Mar 24 Soybeans  closed at $11.94 1/4, down 15 cents,

Nearby Cash   was $11.39 7/8, down 15 7/8 cents,

May 24 Soybeans  closed at $12.05, down 11 1/4 cents,

Jul 24 Soybeans  closed at $12.15 1/4, down 8 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.