To start the week soybeans opened the session steady but bounced to trade with gains in the overnight session. Early support was due to a flash export sale of 132 TMT of soybeans to China. Light support came from weather forecasts calling for hot dry conditions for Argentina for the remainer of Dec. Soybeans faded the overnight gains once the day session started and continued to trade with small losses throughout the day session. Selling was tied to almost ideal growing conditions being reported in Brazil. As of Dec 20, 99% of Brazil’s soybeans were planted vs 98% last week and vs 96% average.
In Tuesday’s session soybeans opened the session lower but recovered to trade with gains early in the overnight session and even extended session gains during the day. Technical buying and position squaring helped give soybeans strength early in the session. Strong demand and expectations for exports to increase over the next few weeks added support. Gains were kept in check by reports of good rains overnight in Argentina as well as from no major emerging concerns in Brazil.
When the markets reopened Thursday morning, soybeans opened higher and then added to the gains. The market then held those gains for the rest of the session and closed with strong gains. While Argentina saw rains early in the week, support came from updated forecasts for mostly dry conditions for the next 2 to 4 weeks. The southern part of Brazil is also seeing drier conditions, while the rest of Brazil is expected to see average rains. Spillover support came from the sharply higher soybean meal market.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for soybeans is $30.61.
Target $10.85 to advance sales.
Jan soybeans support is at $9.75 while resistance is at $10.85.
For the week, January soybeans were at $9.80 up 5.5 cents and March soybeans were at $9.8975 up 10.5 cents. January soybean meal was at $300.90 up $6.40 and January soybean oil was at $39.52 up 4 cents.
Soybean Weekly Comments Dec 27
Soybean Weekly Comments Dec 27
To start the week soybeans opened the session steady but bounced to trade with gains in the overnight session. Early support was due to a flash export sale of 132 TMT of soybeans to China. Light support came from weather forecasts calling for hot dry conditions for Argentina for the remainer of Dec. Soybeans faded the overnight gains once the day session started and continued to trade with small losses throughout the day session. Selling was tied to almost ideal growing conditions being reported in Brazil. As of Dec 20, 99% of Brazil’s soybeans were planted vs 98% last week and vs 96% average.
In Tuesday’s session soybeans opened the session lower but recovered to trade with gains early in the overnight session and even extended session gains during the day. Technical buying and position squaring helped give soybeans strength early in the session. Strong demand and expectations for exports to increase over the next few weeks added support. Gains were kept in check by reports of good rains overnight in Argentina as well as from no major emerging concerns in Brazil.
When the markets reopened Thursday morning, soybeans opened higher and then added to the gains. The market then held those gains for the rest of the session and closed with strong gains. While Argentina saw rains early in the week, support came from updated forecasts for mostly dry conditions for the next 2 to 4 weeks. The southern part of Brazil is also seeing drier conditions, while the rest of Brazil is expected to see average rains. Spillover support came from the sharply higher soybean meal market.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for soybeans is $30.61.
Target $10.85 to advance sales.
Jan soybeans support is at $9.75 while resistance is at $10.85.
For the week, January soybeans were at $9.80 up 5.5 cents and March soybeans were at $9.8975 up 10.5 cents. January soybean meal was at $300.90 up $6.40 and January soybean oil was at $39.52 up 4 cents.