Soybeans Sharply Lower on Pre-Weekend Profit Taking

Soy futures are 23 to 27 cents lower to begin the last trade day of the week. Beans faded gains on Wednesday but did end the session higher. March futures settled 3/4 of a penny in the black with old crop gains limited to 2 3/4 cents. New crop futures ended down by as much as 3 3/4 cents. Soymeal futures closed $2.50 to $4.20/ton lower. Soy oil prices were down by 83 to 89 cents at the close. Export Sales report estimates are running 750,000 MT to 1.5 MMT for old crop bean bookings. New crop sales are expected to be 350k to 600k MT. Soymeal sales are estimated between 100k and 400k MT. Soybean oil sales are expected to be 10,000 and 30,000 MT. The US national average soybean cash price from cmdtyView was $13.24/bu. IHS Markit estimates 2021/22 soybean planted acreage at 90.1 million. That was 0.645m higher than their December forecast, and up 7 million acres on the year.

--- provided by Brugler Marketing & Management

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