Soybeans are falling from the intraday highs by 20+ cents, as contracts are steady to a couple cents higher in the front months. The cmdtyView national average Cash Bean price is 1/2 cent higher at $10.47 1/2. Soymeal futures steady to 50 cents lower, with Soy Oil futures steady to down 28 points in the nearbys. The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.85, above the $10.54 from last year.
USDA’s Export Sales data tallied soybean export commitments at 34.29 MMT, which is now down 20% from the same period last year. That is 80% of USDA’s export projection, picking up on the 5-year average pace of 88%.
Monthly WASDE data will be released on Tuesday, with analysts looking for no major changes to the US soybean stocks number, at 348 mbu, vs. the 380 mbu estimate in January.
Canadian canola stocks are pegged at 15.62 MMT by December 31 according to Stats Canada, up 18.1% from the same period last year. Actual soybean stocks were tallied at 3.24 MMT, down 26.6% from a year ago.
Mar 26 Soybeans are at $11.13 1/2, up 1 1/4 cents,
Nearby Cash is at $10.47 1/2, up 1/2 cent,
May 26 Soybeans are at $11.26 3/4, up 3/4 cent,
Jul 26 Soybeans are at $11.37 1/4, unch,
