Austin Schroeder – Barchart
Mon Mar 17,
Soybean futures posted mixed action on Monday, with front months losses limited to fractional and new crop gains of steady to 2 cents higher. CmdtyView’s national front month Cash Bean price is down 1/4 cents at $9.53 3/4. Soymeal futures were down 80 cents to $1.60/ton on the Monday session. Soy Oil futures posted gains of 37 to 51 points at the close.
Weekly Export Inspections data tallied soybean shipments at 646,667 MT (23.76 mbu) in the week that ended on March 13. That was down 7.7% from the week prior and 24.2% below same week last year. China was the largest destination of 420,243 MT, all coming Monday or before (when the tariff on US beans, with n April 12 deadline for anything already on the water), with 88,478 MT headed to Mexico. Marketing year soybean shipments are now 39.098 MMT (1.436 mbu), an increase of 9.3% from the same week last year.
NOPA crush data for February was reported at just 177.87 mbu of soybeans crushed during the month, well below analysts’ estimates of 185.229 mbu. That is down 11.13% from January and 4.47% below last year’s 29-day month.
Bean oil stocks were up 17.95% from last month at 1.5 billion lbs but down 11.06% from last year. AgRural pegs the Brazilian soybean crop at 70% harvested as of Thursday, well ahead of the 63% pace from last year.
May 25 Soybeans closed at $10.15 1/2, down 1/2 cent, Nearby Cash was $9.53 3/4, down 1/4 cent, Jul 25 Soybeans closed at $10.29 1/4, down 3/4 cent, Nov 25 Soybeans closed at $10.18 1/2, up 1/2 cent, New Crop Cash was $9.54 1/4, up 3/4 cent. (Source: www.barchart.com)