Soybeans Recover on Thursday

Front month bean futures were 1 to 7 ¾ cents higher on the day, though new crop was left behind. The March-Nov spread is now 22 ¼ cent inverse. Soymeal futures closed $1.30 to $2.60 higher, while Soy oil futures ended 5 to 8 points weaker. 

Daily traffic for the Panama Canal was reduced to 24 vessels/day through April. The Panama Canal Administrator Ricuarte Vásquez reported a total that 791 (20%) fewer ships had passed through the canal since the daily traffic restrictions began in November. 

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  closed at $12.13 1/2, up 7 3/4 cents,

Nearby Cash   was $11.57 7/8, up 8 cents,

May 24 Soybeans  closed at $12.24 1/4, up 6 cents,

Jul 24 Soybeans  closed at $12.33, up 4 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.