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Soybeans Dropped Double DigitsFront month soybean futures were down by double digits on the day ending 11 to 18 ¾ cents weaker. Soymeal futures offered no help with 1.5% losses across the front months. Soy oil futures weakened by another 58 points across the front months. The weekly Export Inspections data from USDA showed 1.185 MMT of soybeans were exported during the week that ended 2/15. That was nearly 400k MT below the same week last year. USDA has the YTD total at 31.969 MMT as of 2/15, compared to 41.4 MMT of beans shipped during the same point last season. Brazil’s Anec reported 7.3 MMT of soybean exports for February. That was 250k MT under Feb ’23. Meal shipments are expected to round out the month with 1.86 MMT compared to 1.28 MMT last year. Soybean harvest in Brazil remains ahead of last year with 31.1% of the crop out vs 25% at the same time last year – via Patria Agronegocios. AgRural reported harvest at 32% finished for 2/15. According to commercial sources, Dr. Michael Cordonnier has lowered his Brazilian production forecast another 2 MMT to 145 MMT, below the Conab est. of 149.2 MMT and the current USDA est. of 156 MMT.
Mar 24 Soybeans closed at $11.60 3/4, down 18 1/4 cents, Nearby Cash was $11.09, down 19 1/4 cents, May 24 Soybeans closed at $11.65, down 18 1/2 cents, Jul 24 Soybeans closed at $11.74, down 18 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. |
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