To start the week, soybeans opened lower but quickly turned higher and saw small gains overnight. The market saw its session high late in the overnight session but then faded and closed with minor losses. It was another day of light trading and little news to move the market. Although the federal government is shut down, USDA did release the weekly export shipments report. Last week’s shipments were at the top of the range of trade expectations. Brazil’s nationwide soybean planting is now estimated at 9% complete vs 4% last week and 7% average. Mato Grosso is 18% complete while Parana is at 34% complete. Early planted fields will likely be harvested in late December. StoneX updated their estimate of Brazil’s production to 178.6 MMT vs. USDA current estimate of 175.0 MMT.
Soybeans opened with small losses and then spent the rest of the overnight session seeing small gains. The market added to the gains in the day session, then faded but still closed with small gains. Spillover support came from the strong gains in the soybean oil market. Traders were also waiting for the Trump administration to announce their aid package for farmers. The Treasury Sect. said the announcement would be made on Tuesday, but other sources said it would be later this week. But other than that, it was another quiet session. While no Crop Progress report was released on Monday, analysts estimate soybean harvest is about 39% complete.
Although Thursday’s USDA report will not be released due to the shutdown, average trade estimates for the report were published. Traders expected to see the soybean yield cut 0.4 bu. to 53.1 bu. and production cut 99 MB to 4.267 BB. New crop ending stocks were expected to be cut 14 MB to 316 MB.
In Wednesday’s session soybeans traded in a tight range on both sides of unchanged for most of the overnight session. The market saw gains in the day session and closed higher. Technical buying and spillover support from the solidly higher soybean oil market supported soybeans. Expectations the Trump administration will soon release information on their aid package for farmers was also supportive. As China continues to shun US soybeans, Brazil expects to export 7.1 MMT of soybeans in October. That would shatter the old record for October of 5.6 MMT. In South American news, Argentina oilseed workers announced plans to strike, and the government ordered a 15-day cooling off period.
Soybeans traded mostly on the lower side in a choppy session on Wednesday and closed with losses, breaking the streak of 3 higher closes in a row. Pressure came from news that China added more elements to their rare earth export controls, likely as leverage ahead of Trump and Xi’s meeting at the end of the month. Reports that China booked another 6 cargoes of South American soybeans added pressure. Brazil expects to export 8.0 MMT of soybeans in the Nov-Dec timeframe vs. 4.6 MMT for the same period last year as China continues to avoid US soybean purchases. Spillover pressure came from the losses in the soybean oil market.
Nov soybean support is $9.85.
For the week, November soybeans were at $10.0675 down 11.25 cents while January soybeans were at $10.2325 down 13.75 cents. December soybean meal was at $275.00 down $3.60 and December soybean oil was at $49.97 down 8 cents.
Soybean Weekly Comments October 10
Soybean Weekly Comments October 10
To start the week, soybeans opened lower but quickly turned higher and saw small gains overnight. The market saw its session high late in the overnight session but then faded and closed with minor losses. It was another day of light trading and little news to move the market. Although the federal government is shut down, USDA did release the weekly export shipments report. Last week’s shipments were at the top of the range of trade expectations. Brazil’s nationwide soybean planting is now estimated at 9% complete vs 4% last week and 7% average. Mato Grosso is 18% complete while Parana is at 34% complete. Early planted fields will likely be harvested in late December. StoneX updated their estimate of Brazil’s production to 178.6 MMT vs. USDA current estimate of 175.0 MMT.
Soybeans opened with small losses and then spent the rest of the overnight session seeing small gains. The market added to the gains in the day session, then faded but still closed with small gains. Spillover support came from the strong gains in the soybean oil market. Traders were also waiting for the Trump administration to announce their aid package for farmers. The Treasury Sect. said the announcement would be made on Tuesday, but other sources said it would be later this week. But other than that, it was another quiet session. While no Crop Progress report was released on Monday, analysts estimate soybean harvest is about 39% complete.
Although Thursday’s USDA report will not be released due to the shutdown, average trade estimates for the report were published. Traders expected to see the soybean yield cut 0.4 bu. to 53.1 bu. and production cut 99 MB to 4.267 BB. New crop ending stocks were expected to be cut 14 MB to 316 MB.
In Wednesday’s session soybeans traded in a tight range on both sides of unchanged for most of the overnight session. The market saw gains in the day session and closed higher. Technical buying and spillover support from the solidly higher soybean oil market supported soybeans. Expectations the Trump administration will soon release information on their aid package for farmers was also supportive. As China continues to shun US soybeans, Brazil expects to export 7.1 MMT of soybeans in October. That would shatter the old record for October of 5.6 MMT. In South American news, Argentina oilseed workers announced plans to strike, and the government ordered a 15-day cooling off period.
Soybeans traded mostly on the lower side in a choppy session on Wednesday and closed with losses, breaking the streak of 3 higher closes in a row. Pressure came from news that China added more elements to their rare earth export controls, likely as leverage ahead of Trump and Xi’s meeting at the end of the month. Reports that China booked another 6 cargoes of South American soybeans added pressure. Brazil expects to export 8.0 MMT of soybeans in the Nov-Dec timeframe vs. 4.6 MMT for the same period last year as China continues to avoid US soybean purchases. Spillover pressure came from the losses in the soybean oil market.
Nov soybean support is $9.85.
For the week, November soybeans were at $10.0675 down 11.25 cents while January soybeans were at $10.2325 down 13.75 cents. December soybean meal was at $275.00 down $3.60 and December soybean oil was at $49.97 down 8 cents.