Beans are currently UNCH to a penny lower into the midweek’s day session. Overnight, May futures worked from -5 to +7 cents. Soybeans were down by 2 ¾ to 4 ¾, across the front months while the back months closed UNCH on the day. The May contract was up by as much as 16 cents for the session high. Soymeal futures were $3.10 to $6.60 weaker on the day. Soy oil futures held higher with 50 point gains across the front months. 

Traders are looking for the Jan soy crush to come in at 196.6 mbu in the Friday Fats and Oils report. Soy oil stocks are figured to be 8% larger for the month at 1.982 billion pounds. 

USDA announced a private export sale for 123k MT of old crop soybeans to unknown destinations on Tuesday. 

Brazil’s soybean harvest was marked at 40% complete by consulting firm AgRural, that was up from 33% at the same point last year.  

Indonesia’s Palm Oil Association expects the 2024 biodiesel consumption will be between 12.5 and 13m kL from 12.2m kL last year. That could hinder palm oil exports, by up to 4%. 

Mar 24 Soybeans  closed at $11.31 1/4, down 4 3/4 cents, currently UNCH

Nearby Cash   was $10.81 3/8, down 3 1/2 cents,

May 24 Soybeans  closed at $11.40 3/4, down 4 1/2 cents, currently down ¼ cent

Jul 24 Soybeans  closed at $11.51 1/2, down 3 3/4 cents, currently down ½ cent