Soybeans are 6 to 9 cents across most contracts on Monday, fading off overnight gains. There were another 158 deliveries issued on Friday evening. The cmdtyView national average Cash Bean price is down 3 1/2 cents at $10.89 1/2. Soymeal futures are falling $6.50 to $7 at midday. Soy Oil futures are up 80 to 90 points. There were 102 deliveries against March bean meal futures on Friday night. Crude oil is providing some spillover support to bean oil, up $3.35 at midday following the US/Israel strikes on Iran over the weekend. Beans are seeing some pressure over uncertainty from US/China relations following the attacks.
Monday morning’s Export Inspections report showed 1.138 MMT (41.8 mbu) of soybean shipped in the week of 2/26. That was 66.9% above the week prior and 62% larger than the same week last year. China was the largest destination of 734,698 MT, with 132,978 MT shipped to Germany and 105,122 MT to Mexico. The marketing year total is now 26.18 MMT (962 mbu) of soybeans shipped since September 1, which is 30.4% below than the same period last year.
