Soy Complex Mixed at Midday

Soybean futures are off the lows at midday, but still 18 to 20 1/4 cents in the red. Dalian soybeans closed the 19th at 5,764 yuan/MT (~ $24.25/bu) for March. May beans in China closed in the black at 5,800 yuan/MT (~ $24.40/bu). The ~15 cent carry in China compares to a 2 3/4 cent inverse domestically. The national average soybean cash price from cmdtyView was $13.25/bu. WCB and ECB cash prices were quoted at $13.10 and $13.50 respectively. Soymeal futures are down $8.60 to $8.80/ton, but BO is in the black with midday gains of as much as 72 points. AgRural reported 0.4% of beans have been harvested. That trails last year’s pace of 1.8%. A slow start to harvest has been expected, due to planting delays back in September and October. Chinese import data showed 2020 total CY bean imports were 100.33 MMT. Grain transporters in Argentina, informally united under TUDA, began blocking major highways in protest. This comes after strikes from dock workers, grain inspectors at export ports, and the farmers themselves.

Mar 21 Soybeans are at $13.67 3/4, down 18 cents,
May 21 Soybeans are at $13.65 1/4, down 18 cents,
Jul 21 Soybeans are at $13.51, down 18 1/4 cents,
Aug 21 Soybeans are at $13.10 1/2, down 20 1/4 cents,
Mar 21 Soybean Meal is at $441.80, down $8.70
Mar 21 Soybean Oil is at $42.39, up $0.69

--- provided by Brugler Marketing & Management

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