Soy Products Gain on Beans Slightly

The front month soybean futures market stayed in a relatively tighter range on Wednesday from +4 ½ to -7 ¾ cents (May). At the close futures were fractionally to 3 cents weaker. Soymeal futures ended the session with $0.50/ton gains and Soy Oil futures were 26 to 28 points higher at the settle. That raised the CME Synthetic Soy Crush by 11 cents to 89 cents for the front month spread. The New crop soy crush ratio was up to 96 ¼ cents per bushel. 

Export Sales estimates range from 175k MT to 800k MT for old crop beans and sub-50k MT for new crop for the week of 2/29. Traders are looking for USDA to report meal bookings between 175k MT and 600k MT. Traders expect fewer than 10k MT of soy oil was sold with cancelations a possibility. 

Official Brazilian soybean shipments were 6.61 MMT in February. That was up from 5 MMT during Feb ’23. 

Brazil’s soybean harvest via AgRural reached 48% finished, which is still 5% points ahead of last year’s pace.

Mar 24 Soybeans  closed at $11.40 1/4, down 1/2 cent,

Nearby Cash was $10.90 5/8, down 1/2 cent,

May 24 Soybeans  closed at $11.48 1/4, down 3/4 cent,

Jul 24 Soybeans  closed at $11.58 3/4, down 1/4 cent,

Nov 24 Soybeans  closed at $11.42 1/4, down 2 cents,

On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.