Soybeans fell from their midday highs, but still closed mostly higher on the day. Old crops were mixed fractionally to 1 ½ cents weaker while new crop prices closed fractionally 1 ¼ cents higher. Soy flour futures ended the day $2.20 to $3.10 higher, while Soybean oil futures were 77 to 89 points weaker over the previous months.
Analysts are looking for soybean reserves between 700k MT and 1.2 MMT in the FAS Export Sales report. New crop beans are expected below 50k MT in the report. Traders are also looking to see soybean meal sales between 150k MT and 450k MT for the week, while soybean oil stocks are expected to be below 10k MT with the possibility of net cancellations.
Farm Futures survey results have 24/25 U.S. soybean acreage at 84.95 million acres. The S&P Global estimate was to see 85.5 million acres.
Safras and Mercado updated Brazil’s soybean output to 5.1% complete as of 1/19. That compares with 1.7% at the same time last year. AgRural estimated harvest at 6% complete as of 1/18.
March 24 Soybeans closed at $12.40 1/4, up 3/4 cent,
Close Cash was $11.85 5/8, up 1 3/8 cents,
24 May Soybeans closed at $12.46 1/2, down 1/2 cent,
24 Jul Soybeans closed at $12.52 3/4, down 1 1/2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.