After the long weekend, soybeans traded on both sides of unchanged in Tuesday’s choppy session but gave up all the gains late in the day session and closed with small losses. Reuters and Bloomberg both reported that China has reached the 12 MMT target for US soybean purchases. Most traders believe China is done buying US beans and will switch to Brazil as their crop becomes available. Brazil’s soybean harvest is estimated at 2% complete and a private consulting group put production at 179.3 MMT, up 0.5 MMT from their previous estimate. Losses were limited by the center/south of Argentina missing rains yet again while the north of the country saw heavy rains. Last week’s export shipments were at the top of the range of trade expectations. 612,000 MT were shipped to China. USDA reported a sale of 190,000 MT of soybean cake and meal to the Philippines.
Soybeans slowly climbed higher throughout Wednesday’s session and closed with double-digit gains. Support came from Treasury Sec. Bessent’s comments that China has met the 12 MMT target for buying US soybeans and said China is committed to buying 25 MMT next year. Support also came from news that petroleum and ethanol groups have come to agreement on proposed reforms to US biofuel policy, including year-round nationwide E15 and that existing rules and quotas would be in place through 2027. Central and southern Argentina continues to miss rains and now the 6-to-10-day forecast shows temps over 100 degrees. CONAB estimates Brazil’s soybean harvest at 2.3% complete. S&P Global estimates this spring’s planted soybean acres at 84.5 million, up 3.3 million from last year (while they expect corn acres to drop 3.8 million).
Soybeans traded mostly on the higher side in a very choppy session but faded late in the session and closed around unchanged on Thursday. There wasn’t much news to move the market in either direction. USDA reported a sale of 192,000 MT of soybeans to unknown. The Mato Grosso state of Brazil is expected to see heavy rains next week which will slow harvest. China purchases have been a good news/bad news situation. The good news is that China met the 12 MMT short-term target for buying US soybeans but the bad news is now China will likely now turn to Brazil for their needs as harvest has begun there.
March soybean support is $10.30.
For the week, March soybeans were at $10.6775 up 10.0 cents while May soybeans were at $10.795 up 10.75 cents. March soybean meal was at $299.90 up $9.90 and March soybean oil was at $53.99 up $1.38.
Soybean Weekly Comments January 23
Soybean Weekly Comments January 23
After the long weekend, soybeans traded on both sides of unchanged in Tuesday’s choppy session but gave up all the gains late in the day session and closed with small losses. Reuters and Bloomberg both reported that China has reached the 12 MMT target for US soybean purchases. Most traders believe China is done buying US beans and will switch to Brazil as their crop becomes available. Brazil’s soybean harvest is estimated at 2% complete and a private consulting group put production at 179.3 MMT, up 0.5 MMT from their previous estimate. Losses were limited by the center/south of Argentina missing rains yet again while the north of the country saw heavy rains. Last week’s export shipments were at the top of the range of trade expectations. 612,000 MT were shipped to China. USDA reported a sale of 190,000 MT of soybean cake and meal to the Philippines.
Soybeans slowly climbed higher throughout Wednesday’s session and closed with double-digit gains. Support came from Treasury Sec. Bessent’s comments that China has met the 12 MMT target for buying US soybeans and said China is committed to buying 25 MMT next year. Support also came from news that petroleum and ethanol groups have come to agreement on proposed reforms to US biofuel policy, including year-round nationwide E15 and that existing rules and quotas would be in place through 2027. Central and southern Argentina continues to miss rains and now the 6-to-10-day forecast shows temps over 100 degrees. CONAB estimates Brazil’s soybean harvest at 2.3% complete. S&P Global estimates this spring’s planted soybean acres at 84.5 million, up 3.3 million from last year (while they expect corn acres to drop 3.8 million).
Soybeans traded mostly on the higher side in a very choppy session but faded late in the session and closed around unchanged on Thursday. There wasn’t much news to move the market in either direction. USDA reported a sale of 192,000 MT of soybeans to unknown. The Mato Grosso state of Brazil is expected to see heavy rains next week which will slow harvest. China purchases have been a good news/bad news situation. The good news is that China met the 12 MMT short-term target for buying US soybeans but the bad news is now China will likely now turn to Brazil for their needs as harvest has begun there.
March soybean support is $10.30.
For the week, March soybeans were at $10.6775 up 10.0 cents while May soybeans were at $10.795 up 10.75 cents. March soybean meal was at $299.90 up $9.90 and March soybean oil was at $53.99 up $1.38.