Mid-Valley Cotton Growers, Inc. -

Beans Down Double Digits So Far

Alan Brugler - Barchart - Tue Feb 02, 5:33PM UTC

After trading down by 20 cents or more beans have cut the losses to just 7 1/4 to 10 3/4 cents for midday. New crop November contracts are a $2.02/bu discount to nearby on a 10 1/2 cent weaker basis (cmdtyView) of 54 cents under. The new crop soy/corn ratio was at 2.578 at midday. Meal futures are down $1.80 to $3.40/ton so far. Soy oil futures are down 27 to 42 points. Dalian soybeans closed the first trade day of Feb at 5,665 yuan/MT (~ $23.88/bu). New crop beans in China closed at a ~ $1.36/bu inverse to nearby. USDA reported 193.75 mbu of beans were crushed in the US in December. Egypt issued a 30,000 MT soybean oil tender. South Korea is tendering for 60k MT of soymeal.

Mar 21 Soybeans are at $13.55 1/4, down 10 cents,

May 21 Soybeans are at $13.51 3/4, down 10 3/4 cents,

Jul 21 Soybeans are at $13.35 3/4, down 9 1/4 cents,

Aug 21 Soybeans are at $12.92 3/4, down 7 1/4 cents,

Mar 21 Soybean Meal is at $427.10, down $3.40

Mar 21 Soybean Oil is at $44.55, down $0.42

--- provided by Brugler Marketing & Management

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