Midweek soy futures are working mostly higher, though meal is mixed within 20 cents of UNCH so far through the AM session. Soybeans faded through the afternoon and closed the Tuesday session near their lows for the day with 8 ¾ to 11 ¾ cent losses. The new crop futures were fractionally to 8 ¾ cents in the red at the close. Nov is at a net loss of 9 ¼ cents for the week to date.  Preliminary open interest data rose 8,938 contracts, suggesting some net new selling interest on a down day. While not the case in corn, OI actually rose for nearby May futures.  Soymeal led the way lower again on Tuesday with $5 losses (over 1.5%). The May contract is now $9.40 weaker in two days.  Soy Oil futures however were stronger again with 36 to 42 point gains on Tuesday.  India has been importing  more sunflowers and soy oil this year because of higher palm oil prices. 

StoneX lowered their estimate for Brazilian soybean production via lower yields in MGDS, Sao Paulo, and Parana. The new output estimate is set at 150.8 MMT. 

US soybean crush for February was slightly disappointing at 194 million bushels when USDA released the official Fats & Oils totals on Monday afternoon. Perhaps overlooked, the smaller crush results in bean oil stocks being 9% lower at the end of February vs. Feb 2023. 

May 24 Soybeans  are at $11.74, down 11 3/4 cents, currently up 6 cents

Nearby Cash   is at $11.19 1/4, down 11 1/2 cents,

Jul 24 Soybeans  are at $11.87 3/4, down 11 3/4 cents, currently up 5 1/4 cents

Nov 24 Soybeans  are at $11.77, down 5 1/2 cents, currently up 3 1/2 cents