Soybeans started the week by trading on both sides of unchanged overnight. The market saw its session highs at the start of the day session but then fell lower for the rest of the session and closed with double-digit losses. Pro Farmer released their national yield estimates after the close on Friday but that didn’t have much effect on the markets. Pro Farmer put the national soybean yield at 53.0 bu/acre, just a bit lower than USDA’s current estimate of 53.6 bu/acre. Pressure came from a lack of confirmation of last week’s rumors that China was going to empty their soybean reserves and would need US soybeans to refill them. No export sales were announced today. Last week’s export shipments were in the range of trade estimates.
In Tuesday’s session soybeans opened lower overnight but quickly turned higher. The market dropped lower at the start of the day session but was able to bounce back and close with small gains. Monday afternoon’s crop progress report increased the soybean crop condition rating by 1% to 69% g/e. That’s the highest rating in 9 years for the end of August. Overnight gains were due to reports China is sending a trade rep to meet with counterparts in the US. The meeting will not be a formal negotiation, but an attempt to keep communication going between the two counties. Gains were limited by spillover pressure from the sharply lower soybean oil market. Dr. Cordonnier left his US soybean yield estimated unchanged at 53.0 bu. vs. USDA’s current estimate of 53.6 bu. He also estimated Brazil’s upcoming crop production at 173.0 MMT vs. USDA’s 175.0 MMT and Argentina at 49.0 MMT vs. USDA’s 48.5 MMT.
Soybeans traded back and forth on both sides of unchanged in a very choppy session and closed with small losses on Wednesday. Soybeans saw support yesterday on news that China is sending a trade rep to the US to meet with Trump administration officials this week to keep the lines of communication open. But the US seems to be downplaying the meeting with sources saying this is not a prelude to future negotiations or any future meeting between Trump and Xi. And that lukewarm response pulled soybeans lower. The new soybean marketing year starts Sept. 1, and China still has not purchased any US soybeans. Brazil is gearing up for another huge crop. AgResource estimates the upcoming crop at 176.5 MMT vs. USDA’s 175.0 MMT. They expect planted acres to increase 2% to 120.3 million acres (close to 40 million more acres than the US planted this spring).
Soybeans spent most of Thursday’s choppy session on the lower side but were able to just barely get on the positive side at the end of the session. Last week’s export sales were net cancellations for old crop, but new crop sales were higher than expected at 50.4 MB. But marketing year to date new crop soybean sales are sitting at just 266 MB, 28% lower than this time last year, 54% lower than the 5-year average, and the second lowest for late August in the last 18 years. China has still not purchased any new crop US soybeans. One of China’s trade negotiators is in Washington, DC for meetings today and tomorrow. The meetings are not official negotiations and included lower-level personnel. Technical buying helped soybeans get on the positive side late in the session.
September soybean support is $9.65.
For the week, September soybeans were at $10.3675 up 0.25 cent while November soybeans were at $10.5475 down 4.0 cents. September soybean meal was at $283.60 down $13.10 and September soybean oil was at $51.47 down $3.37.
For the month, September soybeans were up 67.25 cent while November soybeans were up 65.25 cents. September soybean meal was up $17.70 and September soybean oil was down $3.80.
Soybean Weekly Comments August 29
Soybean Weekly Comments August 29
Soybeans started the week by trading on both sides of unchanged overnight. The market saw its session highs at the start of the day session but then fell lower for the rest of the session and closed with double-digit losses. Pro Farmer released their national yield estimates after the close on Friday but that didn’t have much effect on the markets. Pro Farmer put the national soybean yield at 53.0 bu/acre, just a bit lower than USDA’s current estimate of 53.6 bu/acre. Pressure came from a lack of confirmation of last week’s rumors that China was going to empty their soybean reserves and would need US soybeans to refill them. No export sales were announced today. Last week’s export shipments were in the range of trade estimates.
In Tuesday’s session soybeans opened lower overnight but quickly turned higher. The market dropped lower at the start of the day session but was able to bounce back and close with small gains. Monday afternoon’s crop progress report increased the soybean crop condition rating by 1% to 69% g/e. That’s the highest rating in 9 years for the end of August. Overnight gains were due to reports China is sending a trade rep to meet with counterparts in the US. The meeting will not be a formal negotiation, but an attempt to keep communication going between the two counties. Gains were limited by spillover pressure from the sharply lower soybean oil market. Dr. Cordonnier left his US soybean yield estimated unchanged at 53.0 bu. vs. USDA’s current estimate of 53.6 bu. He also estimated Brazil’s upcoming crop production at 173.0 MMT vs. USDA’s 175.0 MMT and Argentina at 49.0 MMT vs. USDA’s 48.5 MMT.
Soybeans traded back and forth on both sides of unchanged in a very choppy session and closed with small losses on Wednesday. Soybeans saw support yesterday on news that China is sending a trade rep to the US to meet with Trump administration officials this week to keep the lines of communication open. But the US seems to be downplaying the meeting with sources saying this is not a prelude to future negotiations or any future meeting between Trump and Xi. And that lukewarm response pulled soybeans lower. The new soybean marketing year starts Sept. 1, and China still has not purchased any US soybeans. Brazil is gearing up for another huge crop. AgResource estimates the upcoming crop at 176.5 MMT vs. USDA’s 175.0 MMT. They expect planted acres to increase 2% to 120.3 million acres (close to 40 million more acres than the US planted this spring).
Soybeans spent most of Thursday’s choppy session on the lower side but were able to just barely get on the positive side at the end of the session. Last week’s export sales were net cancellations for old crop, but new crop sales were higher than expected at 50.4 MB. But marketing year to date new crop soybean sales are sitting at just 266 MB, 28% lower than this time last year, 54% lower than the 5-year average, and the second lowest for late August in the last 18 years. China has still not purchased any new crop US soybeans. One of China’s trade negotiators is in Washington, DC for meetings today and tomorrow. The meetings are not official negotiations and included lower-level personnel. Technical buying helped soybeans get on the positive side late in the session.
September soybean support is $9.65.
For the week, September soybeans were at $10.3675 up 0.25 cent while November soybeans were at $10.5475 down 4.0 cents. September soybean meal was at $283.60 down $13.10 and September soybean oil was at $51.47 down $3.37.
For the month, September soybeans were up 67.25 cent while November soybeans were up 65.25 cents. September soybean meal was up $17.70 and September soybean oil was down $3.80.