The soybean market is showing weakness in the front months on Friday down 4 cents, with new crop up 2 cents. The cmdtyView national front month Cash Bean price is down 4 cents at $9.58 3/4. Soymeal futures were up 20 cents/ton on the day, with Soy Oil futures 14 points higher. The CME showed no deliveries against March soybeans overnight, with 272 delivery notices for March soybean meal and 128 deliveries for March bean oil. The US is reportedly drafting an executive order to charge port fees on any Chinese built of flagged vessel.
Weekly Export Sales data shows total soybean export commitments at 44.386 MMT, which is a 13% increase from the same week last year. That is 89% of USDA’s export projection for the marketing year, which matches the average sales pace.
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USDA’s WASDE report will be out on Tuesday, with traders looking for no major changes to the US carryout number at 379 mbu.
Safras & Mercado estimates Brazilian producers have sold 42.4% of the 2024/25 soybean crop, which is ahead of the 36.6% above the same time last year. Brazilian February exports totaled 6.43 MMT, which was down 6.61 MMT from last year.
Chinese soybean imports during January and February totaled 13.61 MMT, an increase of 0.61 MMT from the same period last year.
Mar 25 Soybeans are at $10.10, down 4 cents,
Nearby Cash is at $9.58 3/4, down 4 cents,
May 25 Soybeans are at $10.23 1/4, down 4 cents,
Nov 25 Soybeans are at $10.22 3/4, up 2 cents,
New Crop Cash is at $9.58 3/4, down 6 3/4 cents,
On the date of publication, Austin Schroeder 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.
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