Double Digit Drop for Beans

Rows of soybeans in a field

Front month soybeans fell by 10 ½ to 13 ¼ cents on Thursday, leaving March just a penny off the low for the close. March is still above the $11.45 low from last May. Soymeal futures were 1.4% to 2.1% weaker across the front months. Soy oil futures closed 51 to 62 points weaker, leading the nearby contracts to new LoC lows. 

Weekly Export Sales are expected to come in between 300k MT and 800k MT for old crop bean bookings during the week that ended 2/15. New crop soybean sales are expected to be below 50k MT. Traders are looking for soymeal bookings to be between 150k MT and 400k MT. Weekly soy oil sales are expected to be between below 10k MT. 

Brazil’s Anec reported 7.3 MMT of soybean exports for February. That was 250k MT under Feb ’23. Meal shipments are expected to round out the month with 1.86 MMT compared to 1.28 MMT last year. 

The Rosario Grain Exchange lowered their Argentine production forecast 2.5 MMT to 49.5 MMT. That puts them below the February USDA forecast of 50 MMT.  


Mar 24 Soybeans  closed at $11.47 3/4, down 13 cents,

Nearby Cash   was $10.96 1/8, down 12 7/8 cents,

May 24 Soybeans  closed at $11.52 1/2, down 12 1/2 cents,

Jul 24 Soybeans  closed at $11.60 3/4, down 13 1/4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.