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Tidbits, Soybean Meal Puts, Export Sales, Markets & Rain Days Update 3/24/23

Highlights


After trashing the markets yesterday afternoon when she said there would be no government guarantee on 100% of bank deposits, US Treasury Secretary Janet Yellen, had a different story Thursday when it came to the ongoing debate over insuring bank deposits beyond the $250,000 limit.

In prepared remarks to a House committee, Yellen repeated that the Biden administration’s actions tied to recent banking meltdowns were “taken to ensure that Americans’ deposits are safe.” And then she added, “Certainly, we would be prepared to take additional actions if warranted.” However, that statement “to take additional action to ensure that Americans’ deposits are safe” did not negate her definitive “not going to happen” statement from Wednesday.

Soybeans in Brazil continue to be piled in wet fields or left standing in the fields as there is no place to put newly harvested soybeans. Their basis continues to drop and that pulls futures lower, but the waiting list to get a shipload of Brazilian beans delivered is in the three month range. That is really quite friendly for US beans, the only place for immediate ship load of beans.

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