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Soybeans found key technical support, is now the time to buy?
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Soybean futures are showing most contracts 1 to 2 1/4 cents lower at midday. January soy meal is down 10 cents/ton, as nearby Jan bean oil is 20 points lower. The USDA reported separate export sales of 126,000 MT of soybeans to Unknown Destinations, with 257,000 MT to China. Both sales were for 17/18 delivery. Soybean export commitments gained a little, but are still 12.3% lower than a year ago. With the newly updated USDA export projection at 2.225 bbu, commitments are 62% of that total. That is compared to 78% last year, and the average of 79%. This morning’s NOPA report indicated its members had crushed 163.546 mbu of soybeans during November. That was ahead of most expectations and 1.74% larger than November 2016. Soybean oil stocks were reported at 1.326 billion pounds at the end of November, larger than most estimates and 8.35% above the end of October. BAGE places the planting progress in Argentina at 63.5% complete, an increase of 10.3% from last week.Jan 18 Soybeans are at $9.66, down 1 3/4 cents,Mar 18 Soybeans are at $9.76 1/2, down 2 1/4 cents,May 18 Soybeans are at $9.87 1/2, down 2 1/4 cents,Jul 18 Soybeans are at $9.97 1/4, down 2 1/4 cents,Jan 18 Soybean Meal is at $321.50, down $0.10Jan 18 Soybean Oil is at $32.98, down $0.20
Corn futures are continuing their tight trading range on Friday, with most contracts down 1 to 1 1/4 cents. A private export sale of 134,503 MT of corn was sold to Costa Rica as announced by the USDA through their daily export reporting system. Total export commitments for corn are lagging last year by 24.74%, slipping a little from the previous week. At 23.766 MMT, they are 49% of the current USDA projection vs. the average of 53% for this week and last year’s 60%. The Buenos Aires Grain Exchange estimates that 45.3% of the Argentine corn crop had been planted as of Thursday, up 4.9% from last week. Informa now projects the 17/18 US corn yield at 176.6 bpa, compared to the USDA estimate of 175.4 bpa.Mar 18 Corn is at $3.47 1/4, down 1 1/4 cents,May 18 Corn is at $3.55 1/2, down 1 1/4 cents,Jul 18 Corn is at $3.64, down 1 centSep 18 Corn is at $3.71, down 1 cent
Wheat futures are currently down 2 to 3 cents in most CBT and KC contracts on Friday. MPLS contracts are seeing gains of 1 to 3 cents at midday. Private exporters reported a sale of 130,000 MT of SRW wheat to Unknown Destinations for 17/18 delivery, according to the USDA FAS reporting system. Wheat export commitments are 9.2% lower than this time last year. They have reached 69% of the new 975 million bushel WASDE forecast, vs. 75% last year and the average of 74% for this date. Informa updated their 2018 winter wheat acreage number to 31.093 million acres. 0.830 million acres lower than their previous estimate. The Argentine wheat harvest is 58.3% complete according to the Buenos Aires Grain Exchange.Mar 18 CBOT Wheat is at $4.16, down 2 1/4 cents,Mar 18 KCBT Wheat is at $4.15 3/4, down 2 1/2 cents,Mar 18 MGEX Wheat is at $6.19, up 2 cents