To start the week soybeans gapped lower at the start of the overnight session and added to the losses. The market was able to trim the losses in the day session and closed with small losses. Expectations that the afternoon’s crop progress report would show harvest progress continuing to run ahead of average pressured soybeans (after the close the report did show harvest at 47% complete vs. 34% average). Good rains in the forecast for Brazil over the next two weeks added pressure. Brazil’s soybean planting progress is at 4% complete vs. 8% average as dry conditions have farmers delaying planting. Losses were limited by higher than expected export shipments and USDA’s report of a sale of 172,500 MT of soybeans to unknown.
Soybeans opened lower across the board in Tuesday’s session and extended session losses throughout the night and into the day. Early pressure came from forecasts calling for heavy weekend rains for Brazil starting this weekend. Weather forecasts calling for warm dry conditions in the US added pressure as this forecast should allow for soybean harvest to continue to advance. Losses were trimmed slight once the day session started due to reports of China buying 166 TMT of US soybeans. Dr Cordonnier left his production estimates for US soybean unchanged this week. Yield remains at 51.5 bu. while production is at 4.44 BB.
In Wednesday’s session soybeans were mostly higher overnight, turned lower at the start of the day session but then bounced back and closed with small gains. Technical buying after yesterday’s double-digit losses supported the market. Updates to the 6-to-10-day forecasts for northern Brazil that turned a bit drier added light support. But the 11-to-15-day forecasts look a little wetter. Positioning ahead of Friday’s USDA report was also seen. Ahead of Thursday’s weekly export sales report, the trade estimates for soybean sales range anywhere from 29 MB to 64 MB.
On Thursday soybeans were higher for the first part of the overnight session but then turned lower and added to the losses for the rest of the session. Pressure came from near ideal US weather that is pushing harvest ahead of average pace. Forecasts for rains in Brazil added to the losses. Last week’s soybean export sales were in the range of trade expectations but were the lowest since the start of this marketing year. Total sales are running 4% ahead of last year’s pace. There was no fresh news to move the market higher and everyone seemed to be waiting on the sidelines for Friday’s USDA report.
Target $10.85 to advance sales.
Nov soybeans support is at $9.50 while resistance is at $10.85.
For the week, Nov. soybeans were at $10.055 down 32.25 cents and Jan soybeans were at $10.21 down 35.0 cents. Dec soybean meal was at $315.10 down $15.40 and Dec soybean oil was at $43.33 down 64 cents.
Soybean Weekly Comments Oct 11
Soybean Weekly Comments Oct 11
To start the week soybeans gapped lower at the start of the overnight session and added to the losses. The market was able to trim the losses in the day session and closed with small losses. Expectations that the afternoon’s crop progress report would show harvest progress continuing to run ahead of average pressured soybeans (after the close the report did show harvest at 47% complete vs. 34% average). Good rains in the forecast for Brazil over the next two weeks added pressure. Brazil’s soybean planting progress is at 4% complete vs. 8% average as dry conditions have farmers delaying planting. Losses were limited by higher than expected export shipments and USDA’s report of a sale of 172,500 MT of soybeans to unknown.
Soybeans opened lower across the board in Tuesday’s session and extended session losses throughout the night and into the day. Early pressure came from forecasts calling for heavy weekend rains for Brazil starting this weekend. Weather forecasts calling for warm dry conditions in the US added pressure as this forecast should allow for soybean harvest to continue to advance. Losses were trimmed slight once the day session started due to reports of China buying 166 TMT of US soybeans. Dr Cordonnier left his production estimates for US soybean unchanged this week. Yield remains at 51.5 bu. while production is at 4.44 BB.
In Wednesday’s session soybeans were mostly higher overnight, turned lower at the start of the day session but then bounced back and closed with small gains. Technical buying after yesterday’s double-digit losses supported the market. Updates to the 6-to-10-day forecasts for northern Brazil that turned a bit drier added light support. But the 11-to-15-day forecasts look a little wetter. Positioning ahead of Friday’s USDA report was also seen. Ahead of Thursday’s weekly export sales report, the trade estimates for soybean sales range anywhere from 29 MB to 64 MB.
On Thursday soybeans were higher for the first part of the overnight session but then turned lower and added to the losses for the rest of the session. Pressure came from near ideal US weather that is pushing harvest ahead of average pace. Forecasts for rains in Brazil added to the losses. Last week’s soybean export sales were in the range of trade expectations but were the lowest since the start of this marketing year. Total sales are running 4% ahead of last year’s pace. There was no fresh news to move the market higher and everyone seemed to be waiting on the sidelines for Friday’s USDA report.
Target $10.85 to advance sales.
Nov soybeans support is at $9.50 while resistance is at $10.85.
For the week, Nov. soybeans were at $10.055 down 32.25 cents and Jan soybeans were at $10.21 down 35.0 cents. Dec soybean meal was at $315.10 down $15.40 and Dec soybean oil was at $43.33 down 64 cents.