Soy Market Bouncing so far

Soybean futures are up 1 to 1 3/4 cents in the front months so far. March meal futures are $2.30/ton lower, with a 43 point bounce in soybean oil. The weekly Export Sales report from USDA showed 494,277 MT of soybean bookings on the week ending 02/13. That was below the estimated range, and 13.3% lower wk/wk. New crop soybean sales were 3,360 MT for the same week. Weekly shipments from the report were 957,812 MT, which was 5.4% higher than the same week last year. MYTD soybean exports total 28.406 MMT, which is 21.9% above than last year’s pace. Soybean sales to China totaled 11,484 MT or only 2.32% of total bean bookings. Soybean meal sales from the one-day delayed report were 169,433 MT which was also below the expected range. MYTD soymeal shipments totaled 4.123 MMT, which was 10.7% lower yr/yr. Soybean oil sales were on the high end of expectations, with 41,954 MT of soy oil bookings on the week. With 87,545 MT of soy oil shipped MYTD exports are 430,414 MT, which is 40.1% higher than last year’s pace. US soybean carry over for 2020/21 is expected to be 320 mbu according to the USDA Ag Outlook Forum data, that is the lowest since 2016/17 if realized and lifted the USDA preliminary avg cash price to $8.80/bu.

Mar 20 Soybeans are at $8.93 3/4, up 1 cent,

May 20 Soybeans are at $9.02, up 1 cent,

Jul 20 Soybeans are at $9.12 1/4, up 1 1/4 cents,

Aug 20 Soybeans are at $9.15 1/2, up 1 3/4 cents,

Mar 20 Soybean Meal is at $290.60, down $2.30

Mar 20 Soybean Oil is at $30.55, up $0.43

--- provided by Brugler Marketing & Management




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