Soybeans End in Black

Beans faded at the close, but still ended the session higher. March futures settled 3/4 of a penny in the black with old crop gains limited to 2 3/4 cents. New crop futures ended down by as much as 3 3/4 cents. Soymeal futures closed $2.50 to $4.20/ton lower. Soy oil prices were down by 83 to 89 cents at the close. USDA announced two large private export sales for 20/21 this morning. China bought 136,000 MT of soybeans, and Mexico purchased 163,290 MT. Export Sales report estimates show trade is looking for 750k to 1.5 MMT of old crop bean bookings. New crop sales are expected to be 350k to 600k MT. Soymeal sales are estimated between 100k and 400k MT. Soybean oil sales are expected to be 10,000 and 30,000 MT. The US national average soybean cash price from cmdtyView was $13.24/bu. IHS Markit estimates 2021/22 soybean planted acreage at 90.1 million. That was 0.645m higher then their December forecast, and up 7 million acres on the year. IHS Markit upped their Brazilian soybean production estimate by 500k to 133 MMT (matching USDA). StoneX lowered their estimate by 1.3 MMT to 132.6 MMT. Private firm Datagro expects 135.6 MMT of Brazilian soybeans, which was up 0.6 MMT from their previous estimate. Malaysian palm oil futures posted another red candle on Wednesday; which was the 7th of the last 10 trade sessions for a net drop of 570 ringgits.

Mar 21 Soybeans closed at $13.70 1/4, up 3/4 cent,
May 21 Soybeans closed at $13.68 3/4, up 1 1/2 cents,
Jul 21 Soybeans closed at $13.54 1/2, up 2 3/4 cents,
Aug 21 Soybeans closed at $13.10 1/2, down 3/4 cent,
Mar 21 Soybean Meal closed at $438.20, down $4.20
Mar 21 Soybean Oil closed at $43.43, up $0.89

--- provided by Brugler Marketing & Management

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