Old Crop Soybeans Down Double Digits

Soy trading has resulted in soybean futures that are 2 to 11 cents per bushel lower, with the old crop contracts in double digit territory. On Tuesday, soybean futures rallied back from the post report midday lows, and finished in the black despite product weakness. Soymeal futures closed $4.00/ton lower in May contracts. May soy oil futures closed 14 points higher. The USDA survey estimates 83.51 MA of soybeans for the 2020/21 crop. That is 9.7% above last year’s flood hindered plantings. The largest yr/yr increase to soy plantings both nominally and as a percent of last year was in SD, with a 54% increase to 5.4 million acres. March 1 soybean stocks were 2.253 bbu. That is 474 mbu lower than 2019. USDA’s Fats and Oils report is scheduled for release at 2 pm central. Estimates for the February soybean crush range 175 – 179 mbu, which would be the largest Feb crush on record, aided by Leap Day. Traders anticipate soybean oil stocks to be 2.075 to 2.400 billion lbs on Feb 29.

--- provided by Brugler Marketing & Management

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