Midday soy futures are mixed as the meal fades through Tuesday. Soybean prices are 1 to 3 ½ cents higher so far. Soymeal futures are $1 to $1.20 weaker so far. Soy oil futures are rallying with midday gains of as much as 1.4%.
The weekly Export Inspections data had 674,749 MT of soybean shipments for the week that ended 1/4. The season’s total reached 23.95 MMT via the weekly reports. Census data showed 7.464 MMT of soybeans were officially exported during November. That was down 24% from Nov the year prior and was a 4-yr low for the month. The official Q1 soybean export was 713.3 mbu, compared to 801.8 mbu last year.
Official soymeal shipments were a record for November, with 1.33 MMT shipped. That followed the October record 1.19 MMT. Census confirmed 6.2k MT of soybean oil was exported during November. That was a record low for the month, following the record low in October.
Pre-report estimates for the Jan WASDE report show analysts are looking for between a 30 mbu cut and a 69 mbu increase for soybean carryout, with 242.3 mbu expected on average. The ‘final’ production figure is expected to be 4.122 bbu on average, down 7 million bushels from 4.129 bbu in the Dec report and estimates ranging from 4.074 bbu to 4.173. On average soybean yield is expected to be 0.1 bpa lower in the report on Friday.
AgRural reported soybean harvest at 6% finished for the Center-South Region. That compares to 0.4% at the same time last year. Safras an Mercado estimated the Brazilian soybean crop at 151.4 MMT, down from their 158.2 MMT forecast in December and is now 4.1% lower yr/yr.
Mar 24 Soybeans are at $12.46, up 1/2 cent,
Nearby Cash is at $11.90 5/8, up 1/4 cent,
May 24 Soybeans are at $12.56, up 1 1/4 cents,
Jul 24 Soybeans are at $12.63 1/2, up 1 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
