Beans in Black Starting Tuesday
Soybeans are at the top end of their 8 cent overnight range with 2 to 3 cent gains in early Tuesday futures action. Soybean futures settled below $12 on Monday, with futures near their lows on 3 to 6 cent losses. Soymeal prices were also $3 to $4 per ton weaker on the day. Soy Oil futures were off their highs for the close but held on for a gain on the day. Futures were up by 20 to 30 points across the front months.
USDA’s FGIS reported 414,484 MT of soybeans were exported during the week that ended 3/28. That was under the 785k MT reported last week and the 504k MT from the same week last year. Bean shipments are now 18.7% behind last year’s pace with 36.98 MMT exported.
US soybean crush for February was slightly disappointing at 194 million bushels when USDA released the official Fats & Oils totals on Monday afternoon. With half the marketing year completed, crush was up 5.5% from 2023/24, at 1.170 billion bushels. Bean oil used for biofuels in January was the smallest in 9 months, but the YTD pace was still up 15% from the previous year..
May 24 Soybeans closed at $11.85 3/4, down 5 3/4 cents, currently up 2 3/4 cents
Nearby Cash was $11.31 3/4, down 4 1/2 cents,
Jul 24 Soybeans closed at $11.99 1/2, down 5 3/4 cents, currently up 2 1/2 cents
Nov 24 Soybeans closed at $11.82 1/2, down 3 3/4 cents, currently up 2 1/2 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.