Soybean Futures Closed Firmer on Monday
The front month soybean market was off the highs by 10 cents for the day, though still 3 ¾ to 6 ½ cents higher to start the week. Soymeal futures closed $1.20 to $1.50 higher, but May was $4 off the high for the close. Soy Oil prices closed 1 to 3 points in the black.
Canadian Canola Prices closed $5.20 higher on Monday.
Brazil’s soybean harvest was reported at 46% via Patria Agronegocios. That compares to 43% at the same point last year.
USDA announced a large private export sale for 126k MT of soymeal to unknown. Most of the purchase was for new crop delivery, though 30k MT is for 23/24.
Weekly Inspections data showed 1.02 MMT of soybeans were shipped for the week that ended 2/29. That was slightly below last week, but was 470k MT more than the same week last year. Soybean shipments still trail last year’s pace by 8.55 MMT with 34.2 MMT shipped.
Mar 24 Soybeans closed at $11.47, up 4 cents,
Nearby Cash was $10.96 1/1, up 4 7/8 cents,
May 24 Soybeans closed at $11.55, up 3 3/4 cents,
Jul 24 Soybeans closed at $11.65 1/4, up 4 cents,
Nov 24 Soybeans closed at $11.46 1/4, up 6 1/2 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.