Soybeans are down fractionally to 2 cents so far on Friday morning. Futures saw 6 to 8 cent gains across most contracts at Thursday’s close. Some new crop contracts were up 2 to 3 cents. Open interest was suggesting new buying, up 8,413 contracts on Thursday. The cmdtyView national average Cash Bean price was up 7 1/2 cents at $10.76 1/2. Soymeal futures were up 30 to 80 cents in the front months, with Soy Oil futures 112 to 121 points higher.
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.
Analysts are looking for USDA to report between 375,000 MT and 1.2 MMT of soybean sales in the week ending on February 12 in today’s Export Sales report. Meal is seen at 220,000-450,000 MT, with bean oil net reductions of 10,000 to sales of 16,000 MT.
International Grains Council data showed world soybean stocks up 2 MMT to 79 MMT, as consumption was down 1 MMT, with production up 1 MMT.
Mar 26 Soybeans closed at $11.41, up 7 1/2 cents, currently down ½ cent
Nearby Cash was $10.76 1/2, up 7 1/2 cents,
May 26 Soybeans closed at $11.56, up 7 cents, currently down 1 cent
Jul 26 Soybeans closed at $11.68, up 6 1/2 cents, currently down 1 ½ cent
