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Soybeans Firm up for Mixed Close

Barchart - Mon Feb 26, 5:25PM CST

Beans initially started the last week of Feb with continued weakness to new lows for the move. Prices firmed up Monday afternoon and closed mixed, with fractional to 4 cent gains in old crop and fractional to 1 ¼ cent losses for new crop prices. New crop Nov is at a 5c discount to the spot March quote. Soymeal futures also firmed up to close mixed, mostly higher within $3/ton of UNCH. Soy oil futures stayed near their midday quotes for the close, just 20 points off the day’s high, on 38 to 42 point gains. 

Dr. Cordonnier released his preliminary soybean supply estimates for 24/25, expecting a 52 bpa yield on 87.5m acres for a 4.5 bbu crop. 

Brazil’s soybean harvest was marked at 38% complete. A fire caused a disruption to export loadings out of Paranagua, though reports suggest operations resumed on Saturday afternoon. 

USDA’s weekly Export Inspections data showed 974,977 MT of soybeans were exported during the week that ended 2/22. That was down 316k MT from the week prior, but was up 209k MT from the same week last year. USDA also picked up over 100k MT of beans for past reports, taking the accumulated export total to 33.05 MMT – which remains 21.6% behind last year’s pace. 

Mar 24 Soybeans  closed at $11.36, up 3 cents,

Nearby Cash  was $10.85 3/4, up 3 1/4 cents,

May 24 Soybeans  closed at $11.45 1/4, up 3 1/2 cents,

Jul 24 Soybeans  closed at $11.55 1/4, up 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 here.

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