Soy Market Recap – 3/24/2017 | RJO FuturesPosted 03/24/2017 3:29PM CT |
May Soybeans finished down 15 1/4 at 975 3/4, 15 1/4 off the high and 3 1/2 up from the low. July Soybeans closed down 15 1/4 at 986 1/4. This was 3 3/4 up from the low and 15 off the high.
May Soybean Oil finished down 0.99 at 32.23, 1.06 off the high and 0.03 up from the low.
May Soymeal closed down 2.5 at 318.2. This was 1.6 up from the low and 2.7 off the high.
The market has seen long liquidation for the second day in a row. After treading water at the 1000 level for seven consecutive sessions, May soybeans have declined almost 27 cents in two days. The Brazilian soybean basis is in decline, and has fallen as much as 13 cents this week with the realization of ample supplies from a record crop. A Bloomberg survey of 34 analysts has been released with the average estimates for planted soybean acres at 88.3 million. The USDA Outlook Board estimated soybean acreage at 88.0 million in late February. The range of estimates is 86.4 to 90.2 million acres. The average estimate for March 1st stocks is at 1.676 billion bushels compared to last year’s 1.531 billion bushels. The range of estimates is 1.627 to 1.734 billion bushels.