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Canola(RSH22)
ICE/CA

Today's Change
End of Day Last Update

Weaker Beans into Friday’s Day Session

Barchart - Fri Feb 3, 2023

Soybeans are trading fractionally to 2 cents in the red heading into the day session. Overnight March printed a 14 cent range, from -9 1/4 to +4 3/4. The soybean trade worked higher yesterday with double digit gains of as much as 14 cents in the beans. Meal prices provided the bullish input, with front month gains of $6.20 to $7.10. BO prices settled up by 5 to 15 points. 

USDA reported 735,951 MT of soybeans were booked during the week that ended 1/26. That was a decrease from last week’s 1 MMT sale and was below half of the same week last year at the bottom of the range of estimates. New crop sales were 192k MT for a 718k MT total forward book. 

USDA’s FAS reported soymeal export sales were 165,419 MT for 22/23 delivery and 4,191 MT for the 23/24 MY. In soybean oil, USDA had 851 MT sold for the week that ended 1/26. 

Brokerage StoneX revised their Brazilian soy production estimate as yields in Mato Grosso offset weaker production in the South. Their new forecast is for a 154.2 MMT crop, compared to 153.8 MMT in their prior projection. Brazil reported January’s soybean exports were 851,878 MT, down from 2.452 MMT in Jan of ’22. 

 

Mar 23 Soybeans  closed at $15.34 1/4, up 14 cents, currently down 1 1/2 cents

Nearby Cash  was $14.94 7/8, up 13 3/8 cents,

May 23 Soybeans  closed at $15.27 3/4, up 11 1/4 cents, currently down 1 1/2 cents

Jul 23 Soybeans  closed at $15.18 1/2, up 10 1/2 cents, currently down 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.