Soybeans traded mostly on the lower side in a choppy session on Monday and closed with small losses. Good rains falling over the weekend and more rain in the forecast for this week for much of the Midwest pressured soybeans. Losses were limited by USDA’s report of a sale of 264,000 MT of soybeans to unknown. With the recent drop in prices, traders hope to see that generate more export sales. Last week’s export shipments were in the range of trade expectations but a marketing year low. Soybeans’ crop condition rating dropped 1% to 65% g/e. Of the major states, ND dropped 3% to 63% g/e, IN dropped 4% to 55% g/e and MO dropped 3% to 58% g/e. The rest of the major states saw increases of 1% to 3%.
Soybeans traded mostly on the lower side in Tuesday’s choppy session and closed with small losses. Monday’s crop progress report lowered the soybean crop condition rating by 1% to 65% g/e. That was lower than the average trade estimate of 68% g/e and the 2nd lowest in the past 7 years. But that didn’t give the market much support as traders were instead focused on forecasts for widespread rain throughout the Midwest. Technical selling added pressure. China imported 11.8 MMT of soybeans in May as Brazilian beans start to arrive, but that was quite a bit below last May’s 13.9 MMT in imports.
Soybeans saw small gains overnight and added to the gains in Wednesday’s day session to close higher. Soybeans had a higher close for the first time in the last 9 sessions. Support came from technical buying. Increasing tensions between Iran and the US pushed crude oil higher and that spilled over to support the market as well. While widespread rains have been negative to the market, below normal temps in the 6 to 10 and 8-to-14-day forecasts added support. Brazil expects to export 14.38 MMT of soybean in June vs. 13.42 MMT last June and would set a new record for the month if realized.
In Thursday’s session soybeans traded on both sides of unchanged overnight, fell lower for most of the day session, but were able to trim the losses a bit late in the session. With continuing good growing conditions throughout most of the Midwest and a lack of any news to move the market higher, soybeans took the path of least resistance lower. Today’s report was mostly a non-event for soybeans. For old crop, USDA increased crush by 20 MB but cut exports by 20 MB, leaving ending stocks unchanged at 340 MB. For new crop, USDA made no changes, leaving ending stocks at 310 MB and the national average price at $11.40.
For South American production, USDA left Brazil unchanged at 180.0 MMT (0.6 MMT lower than expected) but increased Argentina by 2.0 MMT to 50.0 MMT (1.3 MMT higher than expected). New crop world ending stocks came in at 124.9 MMT, just 0.1 MMT higher than last month and 0.4 MMT lower than expected. Rosario Grains Exchange increased their estimate of Argentina’s production by 1.5 MMT to 51.5 MMT. CONAB slightly increased their estimate of Brazil’s production to 180.25 MMT.
July soybean support is $11.57. Nov soybean support is at $11.73.
For the week, July soybeans were at $11.135 down 8.0 cents while Nov soybeans were at $11.32 down 5.5 cents. July soybean meal at $301.30 down $7.20 and July soybean oil was at $74.28 up 16 cents.
Soybean Weekly Comments June 12
Soybean Weekly Comments June 12
Soybeans traded mostly on the lower side in a choppy session on Monday and closed with small losses. Good rains falling over the weekend and more rain in the forecast for this week for much of the Midwest pressured soybeans. Losses were limited by USDA’s report of a sale of 264,000 MT of soybeans to unknown. With the recent drop in prices, traders hope to see that generate more export sales. Last week’s export shipments were in the range of trade expectations but a marketing year low. Soybeans’ crop condition rating dropped 1% to 65% g/e. Of the major states, ND dropped 3% to 63% g/e, IN dropped 4% to 55% g/e and MO dropped 3% to 58% g/e. The rest of the major states saw increases of 1% to 3%.
Soybeans traded mostly on the lower side in Tuesday’s choppy session and closed with small losses. Monday’s crop progress report lowered the soybean crop condition rating by 1% to 65% g/e. That was lower than the average trade estimate of 68% g/e and the 2nd lowest in the past 7 years. But that didn’t give the market much support as traders were instead focused on forecasts for widespread rain throughout the Midwest. Technical selling added pressure. China imported 11.8 MMT of soybeans in May as Brazilian beans start to arrive, but that was quite a bit below last May’s 13.9 MMT in imports.
Soybeans saw small gains overnight and added to the gains in Wednesday’s day session to close higher. Soybeans had a higher close for the first time in the last 9 sessions. Support came from technical buying. Increasing tensions between Iran and the US pushed crude oil higher and that spilled over to support the market as well. While widespread rains have been negative to the market, below normal temps in the 6 to 10 and 8-to-14-day forecasts added support. Brazil expects to export 14.38 MMT of soybean in June vs. 13.42 MMT last June and would set a new record for the month if realized.
In Thursday’s session soybeans traded on both sides of unchanged overnight, fell lower for most of the day session, but were able to trim the losses a bit late in the session. With continuing good growing conditions throughout most of the Midwest and a lack of any news to move the market higher, soybeans took the path of least resistance lower. Today’s report was mostly a non-event for soybeans. For old crop, USDA increased crush by 20 MB but cut exports by 20 MB, leaving ending stocks unchanged at 340 MB. For new crop, USDA made no changes, leaving ending stocks at 310 MB and the national average price at $11.40.
For South American production, USDA left Brazil unchanged at 180.0 MMT (0.6 MMT lower than expected) but increased Argentina by 2.0 MMT to 50.0 MMT (1.3 MMT higher than expected). New crop world ending stocks came in at 124.9 MMT, just 0.1 MMT higher than last month and 0.4 MMT lower than expected. Rosario Grains Exchange increased their estimate of Argentina’s production by 1.5 MMT to 51.5 MMT. CONAB slightly increased their estimate of Brazil’s production to 180.25 MMT.
July soybean support is $11.57. Nov soybean support is at $11.73.
For the week, July soybeans were at $11.135 down 8.0 cents while Nov soybeans were at $11.32 down 5.5 cents. July soybean meal at $301.30 down $7.20 and July soybean oil was at $74.28 up 16 cents.