Beans Lower for Wednesday Close

Domestic Soybean futures rallied off midday lows but were still 3 1/4 to 7 1/4 cents in the red at the close. There were no delivery notices against March soybeans overnight. There are 149 warehouse receipts registered for delivery. May Dalian Soybean Futures posted a new contract high of 6,096 yuan/MT (~ $25.70/bu). The lesser traded, but more export competitive, No2 beans did not post LOC highs, but were up 16 yuan to 4,218 (~ $17.75/bu) in May contracts. Domestic new crop soybean futures on CBoT were also weaker but losses were limited to 5 3/4 cents

CBoT Soymeal futures closed the day $2.70 to $3.10/ton weaker. Soy Oil futures however, rallied off midday losses to close 8 to 12 points higher. New crop Canadian Canola Prices are back above CAD $600/MT after three days of recovery. The front month record high is still $852.10 from 2/24.  

Ahead of USDA’s weekly Export Sales report, traders estimate between 100,000 and 500,000 MT of beans were sold on the week ending 2/25. New crop bean bookings are expected to be below 300k MT. For meal, estimates show a range of 100,000 to 300,00 MT. And pre report estimates are for less than 25k MT of soy oil sales.

--- provided by Brugler Marketing & Management

  1. ·Mar 21 Soybeans closed at $14.10 3/4, down 3 1/4 cents,
  2. ·May 21 Soybeans closed at $14.07 1/2, down 5 cents,
  3. ·Nearby Cash(cmdtyView) was $13.70 5/8, down 4 13/20 cents,
  4. ·Nov 21 Soybeans closed at $12.24, down 5 3/4 cents,
  5. ·New Crop Cash (cmdtyView) was $11.71 4/7, down 5 19/25 cents,

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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