Soybean prices are fractionally mixed in early Thursday morning market action. The March contract had traded up as much as 7 ¼ earlier in the evening session before giving most to all of it back for the AM quotes. Soybeans dropped from their midday highs and settled mixed on Wednesday. Old crop futures were fractionally mixed to 1 ½ cents weaker while new crop prices closed fractionally to 1 ¼ cents higher. Preliminary open interest was up a modest 1,708 contracts. Soymeal futures ended the day $2.20 to $3.10 stronger, while the Soy oil futures were 77 to 89 points weaker across the front months. 

Analysts are looking for soybean bookings between 700k MT and 1.2 MMT in the FAS Export Sales report. New crop bean bookings are expected to be below 50k MT in the report. Traders are also looking to see soymeal sales between 150k MT and 450k MT for the week, while soy oil bookings are expected to be below 10k MT with the possibility of net cancelations. 

While Brazilian soybeans exports are slowing seasonally, freight sources are projecting that January shipments will still total 2.3 MMT, vs. less than 1 MMT in January 2023.  Soybean harvest is ramping up for the 2024 crop, with Mato Grosso now around 13% done and Parana at 12%.  National estimates are still in the 6-7% range. 

Mar 24 Soybeans  closed at $12.40 1/4, up 3/4 cent, currently up 1 cent

Nearby Cash   was $11.85 5/8, up 1 3/8 cents,

May 24 Soybeans  closed at $12.46 1/2, down 1/2 cent, currently up 3/4 cent

Jul 24 Soybeans  closed at $12.52 3/4, down 1 1/2 cents, currently up 1/2 cent