Overview of Market Movement
Tuesday saw the likes of July ’24, Aug ’24, and Jan ’25 contracts struggle to maintain the $12 threshold after experiencing losses ranging from 7 to 10 ¼ cents. Their counterparts in other front months fared worse, closing near session lows below the significant round number. Amidst this turbulence, soymeal futures took a hit with losses ranging from $1.60 to $1.90. Front month Soy Oil futures also faltered, ending the day 53 to 60 points lower, just ~5 points above their session low.
Insights from Statistical Data
StatsCan’s latest data unveiled that Canada’s Feb canola crush amounted to 898k MT, marking a substantial 10.6% increase compared to the same period last year. Concurrently, canola oil output reached 382k MT, underpinning the sector’s robust performance.
Moreover, according to AgRural, the Brazilian soybean harvest progress stood at 69%, lagging behind last year’s pace by a mere 1 percentage point, reflecting sturdy growth despite minor setbacks.
Implications of Export Inspections
In the realm of exports, the weekly Export Inspections report showcased the shipment of 769k MT of beans for the week ending 3/21. While this figure marked a 69k MT increase from the previous week, it fell short of the 893k MT shipped during the corresponding period last year. The year-to-date tally climbed to 36.55 MMT but remained 8.4 MMT behind the previous year’s pace, signifying a nuanced landscape.
As the dust settled, May 24 Soybeans closed at $11.99, down 10 1/4 cents, while Nearby Cash traded at $11.42 5/8, marking a decline of 10 1/2 cents. Meanwhile, Jul 24 Soybeans wrapped up at $12.12 1/2, slipping 9 1/4 cents, with Nov 24 Soybeans finalizing at $11.91, down 7 3/4 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.
The opinions and views expressed herein are solely those of the author and do not necessarily align with those of Nasdaq, Inc.
