Austin Schroeder – Barchart
Mon Feb 24,
Soybeans were weaker on Monday, with contracts closing with 8 to 11 cent losses. The cmdtyView national front month Cash Bean price was 9 cents lower at $9.72 1/2. Soymeal futures closed down $1.20 to 3.00/ton on the day, with Soy Oil futures down 79 to 111 points at the close.
The average close for November soybean futures has been $10.57. That is 98 cents below last February’s average for the crop insurance price discovery. USDA’s Export Inspections report tallied February 20 weekly soybean shipments at 858,679 MT (31.55 mbu). That was down 19% from the same week last year but back up 18.2% from the week prior.
China was still the largest destination of 480,164 MT, with 132,745 MT headed to Mexico. Marketing year soybean exports are now 36.876 MMT (1.354 bbu), an increase of 11.3% from the same week last year.
The Brazilian soybean crop is pegged at 39% harvested according to AgRural, just 1 percentage point back of the same harvest pace last year. They cut back the country’s soybean production estimate by 2.8 MMT to 168.2 MMT.
Mar 25 Soybeans closed at $10.29, down 10 1/2 cents, Nearby Cash was $9.72 1/2, down 9 cents, May 25 Soybeans closed at $10.47 1/2, down 9 3/4 cents, Nov 25 Soybeans closed at $10.51 3/4, down 8 cents, New Crop Cash was $9.87 1/1, down 9 cents. (Source: www.barchart.com)