Market Overview at Midday
The midday soy market presents a mixed bag, with soybean futures still down by 3 ¼ to 5 ½ cents, despite a slight recovery from session lows. The overnight open saw futures gapping lower. On the flip side, midday soymeal futures have managed to climb out of the red and are currently in positive territory, albeit by less than $1/ton. Meanwhile, front month Soy Oil futures are also showing signs of improvement, trading off their lows but still 70 to 82 points in the negative.
Market Expectations and Reports
Pre-report estimates are anticipating old crop bean sales to fall within the range of 300k MT to 700k MT for the week ending on 3/21. Conversely, new crop export bookings are expected to be under 50k MT. The Export Sales report is likely to reveal soymeal sales ranging from 150k MT to 350k MT, with soy oil bookings projected to come in below 10k MT for the week.
International Insights
StatsCan data has shown that Canada’s Feb canola crush hit 898k MT, marking a 10.6% increase from the corresponding period last year. Additionally, canola oil output reached 382k MT. On the other side of the globe, AgRural reported that the Brazilian soybean harvest is at 69%, lagging 1 percentage point behind last year’s progress.
May 24 Soybeans are currently priced at $11.97 1/2, down 1 1/2 cents, while Nearby Cash sits at $11.40, also down 1 1/2 cents. Looking ahead, Jul 24 Soybeans are trading at $12.11 1/4, down 1 1/4 cents, and Nov 24 Soybeans are at $11.86 3/4, down 4 1/4 cents.
On the date of publication, Alan Brugler disclosed no direct or indirect positions in any of the securities mentioned in this article. All information and data provided is intended solely for informational purposes. For further details, refer to the Barchart Disclosure Policy here.
The opinions expressed here belong to the author and do not necessarily represent those of Nasdaq, Inc.
