To start the week soybeans were mostly on the higher side overnight, saw the session highs at the start of the day session and then faded and closed with small gains. Support came from USDA’s report of a sale of 104,000 metric tons of soybeans for delivery to unknown. Technical buying after last week’s losses added support. But gains were limited by warmer and drier conditions that have sped up harvest pace. And conditions look to be favorable for harvest this week. Last week’s export shipments were in the range of trade expectations. Marketing year-to-date shipments total 147 MB vs. 112 MB at the same time last year. In South American news, Brazil’s soybean planting is 9% complete vs. 5% average.
In Tuesday’s session soybeans traded in a narrow range around unchanged for the first part of the overnight session. Then the market climbed higher for the rest of the overnight and all of the day session and closed sharply higher. Support came from Monday afternoon’s crop progress report that showed last week’s rains really slowed harvest. Soybean harvest was reported at 25% complete vs. 33% average. That was 4% lower than expected by the trade. IA’s harvest is just 5% complete vs. 38% average and MN is at 25% complete vs. 51% average. SD is 17% complete vs. 34% average but ND is just slightly behind at 34% vs. 36% average.
Support also spilled over from the higher wheat and corn markets. Dr Cordonnier left his US soybean yield estimate unchanged at 51.5 bu. Brazil’s crush capacity increased 13% this past year to 86.4 MMT and the country expects to add another 7.4 MMT in a year. In bushels, Brazil crushed 3.175 BB this past year vs. the US crush total of 2.780 BB.
Soybeans were higher overnight and into the early day session but then faded the rest of the session and closed with small losses on Wednesday. Pressure came from profit taking and technical selling after Tuesday’s strong gains. Improving conditions that should speed up harvest progress added pressure. For the first 8 months of Brazil’s marketing year, the country has exported 98.3 MMT of soybeans vs. 92.8 MMT for the same period a year prior.
In Thursday’s session soybeans gapped lower at the start of the overnight session but quickly recovered and got back on the positive side. But the gains were short lived and the market drifted lower the rest of the session and closed with double-digit losses. Positioning ahead of Friday’s USDA report pressured soybeans. A disappointing weekly export sales report added to the losses. Last week’s sales were at the low end of the range of trade estimates. Harvest pressure also pulled the market lower.
Ahead of Friday’s USDA reports, the average trade estimate for soybean yield is 52.8 bu., unchanged from last month and production is estimated at 4.532 BB, down 3 MB from last month. The average trade estimate for ending stocks is 305 MB vs. 310 MB in USDA’s prior estimate.
Nov soybean support is at $12.37.
For the week, Nov soybeans were at $12.92 up 13.75 cents while Jan soybeans were at $13.0825 up 14.25 cents. Dec soybean meal at $365.60 up $18.10 and Dec soybean oil was at $68.02 down 60 cents.
Soybean Weekly Comments October 9
Soybean Weekly Comments October 9
To start the week soybeans were mostly on the higher side overnight, saw the session highs at the start of the day session and then faded and closed with small gains. Support came from USDA’s report of a sale of 104,000 metric tons of soybeans for delivery to unknown. Technical buying after last week’s losses added support. But gains were limited by warmer and drier conditions that have sped up harvest pace. And conditions look to be favorable for harvest this week. Last week’s export shipments were in the range of trade expectations. Marketing year-to-date shipments total 147 MB vs. 112 MB at the same time last year. In South American news, Brazil’s soybean planting is 9% complete vs. 5% average.
In Tuesday’s session soybeans traded in a narrow range around unchanged for the first part of the overnight session. Then the market climbed higher for the rest of the overnight and all of the day session and closed sharply higher. Support came from Monday afternoon’s crop progress report that showed last week’s rains really slowed harvest. Soybean harvest was reported at 25% complete vs. 33% average. That was 4% lower than expected by the trade. IA’s harvest is just 5% complete vs. 38% average and MN is at 25% complete vs. 51% average. SD is 17% complete vs. 34% average but ND is just slightly behind at 34% vs. 36% average.
Support also spilled over from the higher wheat and corn markets. Dr Cordonnier left his US soybean yield estimate unchanged at 51.5 bu. Brazil’s crush capacity increased 13% this past year to 86.4 MMT and the country expects to add another 7.4 MMT in a year. In bushels, Brazil crushed 3.175 BB this past year vs. the US crush total of 2.780 BB.
Soybeans were higher overnight and into the early day session but then faded the rest of the session and closed with small losses on Wednesday. Pressure came from profit taking and technical selling after Tuesday’s strong gains. Improving conditions that should speed up harvest progress added pressure. For the first 8 months of Brazil’s marketing year, the country has exported 98.3 MMT of soybeans vs. 92.8 MMT for the same period a year prior.
In Thursday’s session soybeans gapped lower at the start of the overnight session but quickly recovered and got back on the positive side. But the gains were short lived and the market drifted lower the rest of the session and closed with double-digit losses. Positioning ahead of Friday’s USDA report pressured soybeans. A disappointing weekly export sales report added to the losses. Last week’s sales were at the low end of the range of trade estimates. Harvest pressure also pulled the market lower.
Ahead of Friday’s USDA reports, the average trade estimate for soybean yield is 52.8 bu., unchanged from last month and production is estimated at 4.532 BB, down 3 MB from last month. The average trade estimate for ending stocks is 305 MB vs. 310 MB in USDA’s prior estimate.
Nov soybean support is at $12.37.
For the week, Nov soybeans were at $12.92 up 13.75 cents while Jan soybeans were at $13.0825 up 14.25 cents. Dec soybean meal at $365.60 up $18.10 and Dec soybean oil was at $68.02 down 60 cents.