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Friday, March 24, 2023 1:43:44 PM
Friday Bounce For Beans
By: Barchart | March 24, 2023
Soybean futures are trading up by 6 1/4 to 12 cents so far for Friday. The May contract is still down a net 50 cents for the week. Nearby soymeal futures are trading $4.70 to $5.90 higher so far. Soy oil prices are up by 88 to 108 points for midday. USDA saw the B100 cash price at $5.79/gal in IL this week, unchanged from last week.
Farm Futures survey results show 23.24 soybean area will be 89.621m acres, a 2.5% increase yr/yr.
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 purchasers. The total 23/24 forward book was .75 MMT as of 3/16.
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By: Barchart | March 24, 2023
Soybean futures are trading up by 6 1/4 to 12 cents so far for Friday. The May contract is still down a net 50 cents for the week. Nearby soymeal futures are trading $4.70 to $5.90 higher so far. Soy oil prices are up by 88 to 108 points for midday. USDA saw the B100 cash price at $5.79/gal in IL this week, unchanged from last week.
Farm Futures survey results show 23.24 soybean area will be 89.621m acres, a 2.5% increase yr/yr.
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 purchasers. The total 23/24 forward book was .75 MMT as of 3/16.
Read Full Story »»»
DiscoverGold
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