The soybean market is exhibiting weak point within the entrance months on Friday down 4 cents, with new crop up 2 cents. The cmdtyView nationwide entrance month Money Bean worth is down 4 cents at $9.58 3/4. Soymeal futures had been up 20 cents/ton on the day, with Soy Oil futures 14 factors larger. The CME confirmed no deliveries in opposition to March soybeans in a single day, with 272 supply notices for March soybean meal and 128 deliveries for March bean oil. The US is reportedly drafting an govt order to cost port charges on any Chinese language constructed of flagged vessel.
Weekly Export Gross sales information reveals whole soybean export commitments at 44.386 MMT, which is a 13% enhance from the identical week final yr. That’s 89% of USDA’s export projection for the advertising and marketing yr, which matches the common gross sales tempo.
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USDA’s WASDE report will probably be out on Tuesday, with merchants in search of no main modifications to the US carryout quantity at 379 mbu.
Safras & Mercado estimates Brazilian producers have bought 42.4% of the 2024/25 soybean crop, which is forward of the 36.6% above the identical time final yr. Brazilian February exports totaled 6.43 MMT, which was down 6.61 MMT from final yr.
Chinese language soybean imports throughout January and February totaled 13.61 MMT, a rise of 0.61 MMT from the identical interval final yr.
Mar 25 Soybeans are at $10.10, down 4 cents,
Close by Money is at $9.58 3/4, down 4 cents,
Might 25 Soybeans are at $10.23 1/4, down 4 cents,
Nov 25 Soybeans are at $10.22 3/4, up 2 cents,
New Crop Money is at $9.58 3/4, down 6 3/4 cents,
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Reference :
https://www.nasdaq.com/articles/soybeans-leaking-lower-midday-0