23/02/2023 (Barchart) - Soybeans were down ¼ to 9 ¼ cents out to the summer 2024 contracts, with a few deferred contracts beyond that up ¼ to 2 ¾ cents. Meal was $3.20 to 5.10 lower in the front months, to add pressure to the complex. Soy oil was up 5 to 10 points in the front months.                                                                                    

Malaysia’s Palm Oil Board says the 8% export tax will remain in effect through March. The variable rate export tax has been in effect since Jan 21, capped at 8% above 3,450 ringgit prices. Malaysian Palm Prices were 1.3% higher on 2/23, to the highest prices since Jan 5th near 4,156 ringgits.

USDA’s Ag Outlook Forum is set to begin Thursday and Friday, and should set the early tone for new crop S&Ds – until the March Intentions report and initial May WASDE numbers are released. The trade is estimating 88.6 million acres will be released in the outlook. Ending stocks for 23/24 are estimated to be forecast at 319 mbu.

https://www.barchart.com/story/news/14453428/soybeans-slip-lower-on-wednesday