After the long weekend, soybeans traded in a narrow range on either side of unchanged overnight. The market was able to climb higher in the day session and closed with double-digit gains. Support came from improving demand as sales to China have picked up in the last couple of weeks and there are rumors of more purchases coming. USDA announced a sale of 132,000 MT of soybeans to China. Hot and dry conditions for the Corn Belt for the next two weeks added support. Gains were limited by the sharply lower soybean oil market. After the close, USDA released their July crush report. Crush came in at 193.5 MB, higher than the average trade estimate of 192.1 MB and shattering the prior record for July of 184.8 MB in 2023. The afternoon’s crop progress report lowered the soybean crop condition rating by 2% to 65% g/e. MN was up 3% and IL was up 4%. But that was offset by ND down 5%, SD down 6%, NE down 4%, IN down 3% and OH down 2%.
Soybeans were mostly lower overnight but saw gains throughout Wednesday’s day session and closed higher. Support came from technical buying and rumors that China bought another nine cargoes of US soybeans. Forecasts for hot and dry conditions for the next two weeks for the Corn Belt added support. The soybean crop condition rating dropped 2% in yesterday’s crop progress report to 65% g/e. But that is still the second-best rating out of the last six years for early Sept. USDA made a correction to yesterday’s export sales announcement to China, lowering the sale from 132,000 MT to 131,000 MT. A Brazilian consultant estimates Brazil’s upcoming soybean crop at 169.9 MMT vs. USDA’s current estimate of 169.0 MMT. They estimate the past year’s production at 152.0 MMT vs. USDA’s estimate of 153.0 MMT.
In Thursday’s session soybeans fell lower throughout the overnight session but turned around in the day session, climbing higher and closing a couple cents above unchanged. Soybeans have now closed higher for the last 5 straight sessions. The market continues to be supported by improving demand. USDA announced sales of 126,000 MT of soybeans to China and 189,700 MT to unknown. Spillover support came from the sharply higher soybean oil market. StoneX lowered their US soybean yield estimate by 0.4 bu/acre but increased production by 92 MB to 4.58 BB due to an increase in harvested acres. Ag Rural in Brazil only sees soybean planted acres increasing by 0.9% from last year to 114.7 million acres. That would be the smallest increase over the last 20 years.
Nov soybeans support is at $9.50 while resistance is at $10.35.
For the week, Nov. soybeans were at $10.05 up 5.0 cents and Jan soybeans were at $10.225 up 5.5 cents. Oct soybean meal was at $320.80 up $10.70 and Oct soybean oil was at $40.21 down $2.32.
Soybean Weekly Comments Sept 6
Soybean Weekly Comments Sept 6
After the long weekend, soybeans traded in a narrow range on either side of unchanged overnight. The market was able to climb higher in the day session and closed with double-digit gains. Support came from improving demand as sales to China have picked up in the last couple of weeks and there are rumors of more purchases coming. USDA announced a sale of 132,000 MT of soybeans to China. Hot and dry conditions for the Corn Belt for the next two weeks added support. Gains were limited by the sharply lower soybean oil market. After the close, USDA released their July crush report. Crush came in at 193.5 MB, higher than the average trade estimate of 192.1 MB and shattering the prior record for July of 184.8 MB in 2023. The afternoon’s crop progress report lowered the soybean crop condition rating by 2% to 65% g/e. MN was up 3% and IL was up 4%. But that was offset by ND down 5%, SD down 6%, NE down 4%, IN down 3% and OH down 2%.
Soybeans were mostly lower overnight but saw gains throughout Wednesday’s day session and closed higher. Support came from technical buying and rumors that China bought another nine cargoes of US soybeans. Forecasts for hot and dry conditions for the next two weeks for the Corn Belt added support. The soybean crop condition rating dropped 2% in yesterday’s crop progress report to 65% g/e. But that is still the second-best rating out of the last six years for early Sept. USDA made a correction to yesterday’s export sales announcement to China, lowering the sale from 132,000 MT to 131,000 MT. A Brazilian consultant estimates Brazil’s upcoming soybean crop at 169.9 MMT vs. USDA’s current estimate of 169.0 MMT. They estimate the past year’s production at 152.0 MMT vs. USDA’s estimate of 153.0 MMT.
In Thursday’s session soybeans fell lower throughout the overnight session but turned around in the day session, climbing higher and closing a couple cents above unchanged. Soybeans have now closed higher for the last 5 straight sessions. The market continues to be supported by improving demand. USDA announced sales of 126,000 MT of soybeans to China and 189,700 MT to unknown. Spillover support came from the sharply higher soybean oil market. StoneX lowered their US soybean yield estimate by 0.4 bu/acre but increased production by 92 MB to 4.58 BB due to an increase in harvested acres. Ag Rural in Brazil only sees soybean planted acres increasing by 0.9% from last year to 114.7 million acres. That would be the smallest increase over the last 20 years.
Nov soybeans support is at $9.50 while resistance is at $10.35.
For the week, Nov. soybeans were at $10.05 up 5.0 cents and Jan soybeans were at $10.225 up 5.5 cents. Oct soybean meal was at $320.80 up $10.70 and Oct soybean oil was at $40.21 down $2.32.