Subdued Movement on Thursday
Thursday saw soybean futures exhibiting a mixed performance, with new crop contracts experiencing a fractional mix while old crop contracts showed a decline of 1 to 3 cents. Meanwhile, Soymeal contracts displayed strength, increasing by $3.10 to $3.50 across the front months. On the other hand, Soy Oil futures retreated by 70 points, leading the market to remain relatively unchanged for the week’s trading period.
Export Data and Market Dynamics
The official soy shipments for February were reported at 193.4 million bushels, reflecting a decrease from January’s figure of 219 million bushels but remaining in line with the shipments from February 2023. The season’s Census official export reached 1.3 billion bushels through February.
Additionally, the USDA made an announcement regarding a substantial export sale of 152,404 metric tons of soybeans to Mexico. Weekly export sales data revealed that only 194,220 metric tons of soybeans were booked in the week ending March 29, falling short of the trade estimates aiming for at least 200,000 metric tons. New crop sales stood at 0, with Soymeal sales totaling 234,755 metric tons and Bean oil at 3,097 metric tons.
Production Estimates and Market Closures
StoneX revised their estimate for Brazilian soybean production due to lower yields in MGDS, Sao Paulo, and Parana, setting the new output estimate at 150.8 million metric tons. The closing figures for soybeans on May 24th were at $11.80, a decrease of 2 1/4 cents, while Nearby Cash closed at $11.26 5/8, down by the same margin. July 24th saw Soybeans close at $11.92 1/4, down 3 cents, and November 24th Soybeans closed at $11.83 3/4, down 1 cent.
On the date of publication, Alan Brugler had no positions in any mentioned securities. All information provided in this article is for informational purposes only.
The opinions expressed here belong solely to the author and do not represent those of Nasdaq, Inc.
