Midday beans are gaining as much as 13 cents with the board sitting at the high for the day. Soy flour futures are also 1.5% to 2.2% in the black so far. Soybean oil futures are the weak link of the complex at midday with 17 to 22 point losses.
The weekly USDA Export Inspections report had 1,326 MMT of soybean shipments for the week ended 2/8. That’s down from 1.75 MMT last week and compared to 1.69 MMT during the same week last year. Full year shipping is now 22.7% behind last year’s pace with 30,767 MMT shipped.
The BAGE (Argentine futures exchange in Buenos Aires) showed a decrease in soybean conditional estimates last week, to 31% good/ex. That compares with 16% a year ago. Patria Agronegocios reported harvest at 23.8% complete, compared to 17.4% at the same time last year. SAFRAS lowered its Brazilian soybean estimate by a sharp 9 MMT, to 149 MMT.
March 24 Soybeans is at $11.95 3/4, up 12 1/4 cents,
Close Cash is at $11.43 1/2, up 12 1/4 cents,
24 May Soybeans is at $12.01, up 11 cents,
24 Jul Soybeans is at $12.10 1/4, up 10 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.
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