Beans Falling at Midday
Midday action in the bean market has prices holding the morning losses, with contracts down 9to 14 ½ cents across most contracts. May is leading the charge lower, with 14 ½ cent losses, with November down 10 ½. Soymeal futures are back down $6.90 in the May. Soy Oil is trying to hold steady, with May up 3 points and July down 3.
The weekly Export Inspections report from USDA tallied 432,905 MT of soybeans shipped during the week that ended on April 11. That was a 12% decline from the week prior and down 18.4% from the same week in 2023. Nearly half of that was to China, at 199,826 MT, and 99,217 MT to Indonesia. The shipments for the marketing year have now totaled 38.039 MMT (1.398 bbu) and is an 18.5% drop from the same period in 22/23.
Monthly NOPA data showed March crush among its members at 196.4 mbu. That was an all-time record for any month and is 5.7% larger than the March number from 2023 but was more than 1 million bushel shy of the average trade estimate. Soybean oil sales were up 9.5% from February at 1.85 billion lbs, which was just below the March 2023 total.
May 24 Soybeans are at $11.59 1/2, down 14 1/2 cents,
Nearby Cash is at $11.05 3/8, down 14 5/8 cents,
Jul 24 Soybeans are at $11.72 3/4, down 14 cents,
Nov 24 Soybeans are at $11.65 3/4, down 10 1/2 cents,
New Crop Cash is at $11.02 5/8, down 11 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.