Soymeal Pulls Beans Lower on Tuesday

fresh soy beans

Soybeans faded through the afternoon and closed the Tuesday session near their lows for the day with 8 ¾ to 11 ¾ cent losses. The new crop futures were fractionally to 8 ¾ cents in the red at the close. Nov is at a net loss of 9 ¼ cents for the week. Soymeal led the way lower with $5 losses of over 1.5%. The May contract is now $9.40 weaker for the week’s move. Soy Oil futures however were stronger again with 36 to 42 point gains on Tuesday.  

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.  

StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output is set at 150.8 MMT. 

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  are at $11.74, down 11 3/4 cents,

Nearby Cash   is at $11.19 1/4, down 11 1/2 cents,

Jul 24 Soybeans  are at $11.87 3/4, down 11 3/4 cents,

Nov 24 Soybeans  are at $11.77, down 5 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.