Soybeans are posting 5 to 6 cent gains in the nearby contracts on Friday. There were 138 deliveries issue against March soybean futures overnight. The cmdtyView national average Cash Bean price is up 5 3/4 cents at $10.89 1/2. Soymeal futures are steady to $1.90 lower in the front months, with Soy Oil futures up another 10 to 20 points in the nearbys. There were 102 delivery notices for March soybean meal overnight, with 340 for bean oil.
The average close for November soybean futures has been $11.08 so far in February, up 54 cents from the total last year, with Friday being the last day for price discovery for the spring soybean crop insurance price.
USDA’s Export Sales report for the week of February 19 brought the total soybean export commitment total to 35.65 MMT, a decline of 19% from the same period last year. That is now 83% of the USDA export estimate and behind the 91% average pace.
Brazil’s Safras & Mercado estimates the Brazilian soybean crop at 177.72 MMT, a drop of 1.36 MMT from the previous number. Rabobank estimates the crop at 181 MMT, up 2 MMT from their prior number.
Mar 26 Soybeans are at $11.52 3/4, up 5 cents,
Nearby Cash is at $10.89 1/2, up 5 3/4 cents,
May 26 Soybeans are at $11.69 1/2, up 6 cents,
Jul 26 Soybeans are at $11.81 1/2, up 5 1/4 cents,
