Beans start the week higher with 6 ¾ to 9 ¾ cent gains from the 3-day weekend. March was up as much as 16 ¼ cents for the session high. Soy flour prices ended the first trading day of the week up by as much as $2.90/ton. Soybean oil futures were the weak link of the complex, but ended their declines on Tuesday with 16 to 18 point losses.
Dalian Soybean Prices in China declined and pushed to 55 to 77 yuan/MT (~29 c/bu) losses on Monday, after their Lunar New Year break, while the US markets were closed for President’s Day. The March No.1 contract settled at 4,688 yuan (~$17.74/bu), while the No.2 import quality was 3,675 yuan (~$13.90/bu).
USDA announced a private export sale for 228k MT of soybean meal to the Philippines. The weekly USDA Export Inspections data showed that 1,185 MMT of soybeans were exported during the week that ended 2/15. That was down from 1.34 MMT the previous week and was nearly 400k MT below the same week last year. USDA listed the season’s total at 31,969 MMT as of 2/15, compared to 41.4 MMT of beans shipped during the same point last season.
Soybean harvest in Brazil remains ahead of last year with 31.1% of the harvest against 25% at the same time last year – via Patria Agronegocios. AgRural reported harvest at 32% complete for 2/15, and Safras had the factory harvest listed at 29.4% in 2/16.
March 24 Soybeans closed at $11.79, up 6 3/4 cents,
Close Cash was $11.28 1/4, up 6 1/8 cents,
24 May Soybeans closed at $11.83 1/2, up 7 1/4 cents,
24 Jul Soybeans closed at $11.92, up 7 1/4 cents,
As of 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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