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Thursday, March 23, 2023 12:50:48 PM
Beans Falling Through Thursday
By: Barchart | March 23, 2023
Soybean prices are back in the red and near their lows for the session at midday. The board shows losses of as much as 1.95% across the front months, following a failed overnight bounce. Meal futures are 1.8% to 2.5% in the red with double digit losses so far. The leader to the downside is soybean oil at midday, with a 4.8% loss in the May contract. At 52 cents/lb, that is the lowest the May BO contract has been since December of 2021.
Weekly FAS data showed 152,479 MT of soybeans were sold for export during the week that ended 3/16. That was down from 655k MT last week, and was only 12% of the same week last year’s sale. The week’s export shipment was 704k MT for a MY total of 43.534 MMT. USDA has the full year’s total marked at 54.8 MMT. The weekly report also had 199k MT of new crop bean sales – led by Chinese and unknown purchases. The total 23/24 forward book was .75 MMT as of 3/16.
For the products, USDA reported 121k MT of meal and 10.8k MT of oil was sold during the week that ended 3/16. Pre-report estimates were looking for at least 125k MT of meal, but no more than 10k MT of soy oil sales.
Abiove raised their estimate for Brazil’s soybean crop by 1 MMT to 153.6 MMT. They have exports reaching 92.3 MMT for the year.
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DiscoverGold
By: Barchart | March 23, 2023
Soybean prices are back in the red and near their lows for the session at midday. The board shows losses of as much as 1.95% across the front months, following a failed overnight bounce. Meal futures are 1.8% to 2.5% in the red with double digit losses so far. The leader to the downside is soybean oil at midday, with a 4.8% loss in the May contract. At 52 cents/lb, that is the lowest the May BO contract has been since December of 2021.
Weekly FAS data showed 152,479 MT of soybeans were sold for export during the week that ended 3/16. That was down from 655k MT last week, and was only 12% of the same week last year’s sale. The week’s export shipment was 704k MT for a MY total of 43.534 MMT. USDA has the full year’s total marked at 54.8 MMT. The weekly report also had 199k MT of new crop bean sales – led by Chinese and unknown purchases. The total 23/24 forward book was .75 MMT as of 3/16.
For the products, USDA reported 121k MT of meal and 10.8k MT of oil was sold during the week that ended 3/16. Pre-report estimates were looking for at least 125k MT of meal, but no more than 10k MT of soy oil sales.
Abiove raised their estimate for Brazil’s soybean crop by 1 MMT to 153.6 MMT. They have exports reaching 92.3 MMT for the year.
Read Full Story »»»
DiscoverGold
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