Soybeans are showing 2 to 3 ½ cent losses at Friday’s midday. The cmdtyView national average Cash Bean price was up 7 1/2 cents at $10.76 1/2. Soymeal futures are rallying $5.90 to $6.10 in the front months, with Soy Oil futures 81 to 87 points lower. We are closing in on the final week for the crop insurance spring base price discovery, with the average November soybean close during February at $11.03 so far. This is up 49 cents from last year.
Soybean sales picked up for old crop in the week ending on February 12, with bookings at 798,216 MT, in the middle of the trade ideas of 375,000 MT and 1.2 MMT. That was well above the week prior and 66.2% above the same week last year. New crop sales totaled 66,000 MT.
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Meal sales were tallied at 480,937 MT, exceeding trade estimates of 220,000-450,000 MT. Sales for bean oil were at 11,134 MT, near the top end of expectations of net reductions of 10,000 to sales of 16,000 MT.
Earlier on Friday, the US Supreme Court ruled the President cannot use the IEEPA for tariff purposes. The market took to risk off mode following the new, as this likely give some leverage to China.
Mar 26 Soybeans are at $11.37 3/4, down 3 1/4 cents,
Nearby Cash is at $10.72 1/4, down 3 1/4 cents,
May 26 Soybeans are at $11.53 1/2, down 2 1/2 cents,
Jul 26 Soybeans are at $11.65 3/4, down 2 1/4 cents,
On the date of publication,
Austin Schroeder
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.
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