Front month soybean futures ended the first trade day of the month 10 1/2 to 13 cents in the red, with March to $13.92 1/2. New crop contracts ended 1 1/2 to 6 cents lower, tightening the old/new crop spread to $1.72 May to Nov.

Soymeal prices closed $2.60 to $3.10/ton in the red, with May at $418.30. BO futures closed 56 to 71 points lower, pushing May below a half dollar per pound. USDA’s Monthly Fats and Oils report (after the close) showed 196.5 mbu of soybeans were processed in January. That was just above the expected 195.6 mbu, and was the second largest crush (behind October 2020) for any month. Meal and oil yields both improved 1 and 1.5% from December to 44.3 lbs/bu and 11.75 lbs/bu respectively. BO stocks were just shy of estimates with 2.306b lbs at the end of Jan.

USDA’s Export Inspections report showed 879,582 MT of beans shipped on the week ending 2/25. That was up from 805k LW and 50% higher yr/yr. China was the top destination for the week with 38% of the total. Marketing YTD bean exports are 51.88 MMT (1.906 bbu) through Feb 25.

--- provided by Brugler Marketing & Management

Soybean Prices by Barchart

Soymeal Prices by Barchart

Soy Oil Prices by Barchart