To start the week soybeans saw solid gains overnight and into the day session. The market faded late in the day session but still closed with gains. Early support came from dry forecasts for Argentina and reports that President-elect Trump is planning on narrowing the focus of the tariffs he wants to put on goods coming into the US. But gains were trimmed when Trump denied those news reports and said he hadn’t changed his mind on tariffs. BAGE reported 81% of Argentina’s soybeans had “adequate to optimal” moisture, down 7% from last week. With hot and dry conditions in the forecasts, soil moisture is expected to continue declining. Argentina’s soybean crop is estimated at 93% planted. Last week’s export shipments were near the top end of the range of trade expectations but were the lowest in 14 weeks, which is the normal seasonal decline.
In Tuesday’s session soybeans dropped lower at the start of the overnight session and then added to the losses. But the market was able to trim most of the losses in the day session, closing just below unchanged. Argentina’s short-term forecasts are hot (temps of 95 to 105 degrees this week) and dry overall, with some spotty showers. The 11-to-15-day forecast looks to be a bit wetter. Southern Brazil, which has been dry, is forecast to see rains in the 8-to-14-day forecast. Dr Cordonnier left his soybean production estimates unchanged with Brazil at 171 MMT and Argentina at 53 MMT. Tuesday’s session was a day without much news to move the market. Traders are positioning ahead of Friday’s USDA reports.
Soybeans traded back and forth on both sides of unchanged and closed with small losses on Wednesday. USDA reported a sale of 120,000 MT of soybeans to an unknown destination. That was the first daily sale reported since Dec. 23. Argentina is still expected to see hot and dry conditions over the next 10 days. There are chances of rain in the 11 to 15 day forecasts. Losses were limited by dry conditions in Rio Grande do Sul, Brazil’s top soybean producing state. But other than that, there was really no news to move the market as everyone is waiting for Friday’s USDA reports.
On Thursday soybeans slowly fell lower throughout the overnight session but spent the day session trimming those losses and closed with small gains. It was another session without much news and traders sitting on the sidelines waiting for Friday’s USDA reports. Light support came from the strong gains in the soybean oil market. Argentina’s current conditions are hot and dry, but there are now improved chances of rain in the 6-to-10-day forecasts. In Brazil, soybean harvest has started in Mato Grosso, but wet conditions could delay harvest.
Target $10.35 to advance sales.
Mar soybeans support is at $9.47 while resistance is at $10.45.
For the week, March soybeans were at $10.2525 up 31.25 cents while May soybeans were at $10.38 up 34.25 cents. March soybean meal was at $298.30 down $10.30 and March soybean oil was at $45.58 up $5.65.
Soybean Weekly Comments January 10
Soybean Weekly Comments January 10
To start the week soybeans saw solid gains overnight and into the day session. The market faded late in the day session but still closed with gains. Early support came from dry forecasts for Argentina and reports that President-elect Trump is planning on narrowing the focus of the tariffs he wants to put on goods coming into the US. But gains were trimmed when Trump denied those news reports and said he hadn’t changed his mind on tariffs. BAGE reported 81% of Argentina’s soybeans had “adequate to optimal” moisture, down 7% from last week. With hot and dry conditions in the forecasts, soil moisture is expected to continue declining. Argentina’s soybean crop is estimated at 93% planted. Last week’s export shipments were near the top end of the range of trade expectations but were the lowest in 14 weeks, which is the normal seasonal decline.
In Tuesday’s session soybeans dropped lower at the start of the overnight session and then added to the losses. But the market was able to trim most of the losses in the day session, closing just below unchanged. Argentina’s short-term forecasts are hot (temps of 95 to 105 degrees this week) and dry overall, with some spotty showers. The 11-to-15-day forecast looks to be a bit wetter. Southern Brazil, which has been dry, is forecast to see rains in the 8-to-14-day forecast. Dr Cordonnier left his soybean production estimates unchanged with Brazil at 171 MMT and Argentina at 53 MMT. Tuesday’s session was a day without much news to move the market. Traders are positioning ahead of Friday’s USDA reports.
Soybeans traded back and forth on both sides of unchanged and closed with small losses on Wednesday. USDA reported a sale of 120,000 MT of soybeans to an unknown destination. That was the first daily sale reported since Dec. 23. Argentina is still expected to see hot and dry conditions over the next 10 days. There are chances of rain in the 11 to 15 day forecasts. Losses were limited by dry conditions in Rio Grande do Sul, Brazil’s top soybean producing state. But other than that, there was really no news to move the market as everyone is waiting for Friday’s USDA reports.
On Thursday soybeans slowly fell lower throughout the overnight session but spent the day session trimming those losses and closed with small gains. It was another session without much news and traders sitting on the sidelines waiting for Friday’s USDA reports. Light support came from the strong gains in the soybean oil market. Argentina’s current conditions are hot and dry, but there are now improved chances of rain in the 6-to-10-day forecasts. In Brazil, soybean harvest has started in Mato Grosso, but wet conditions could delay harvest.
Target $10.35 to advance sales.
Mar soybeans support is at $9.47 while resistance is at $10.45.
For the week, March soybeans were at $10.2525 up 31.25 cents while May soybeans were at $10.38 up 34.25 cents. March soybean meal was at $298.30 down $10.30 and March soybean oil was at $45.58 up $5.65.