Thursday’s soy futures complex is working lower so far, with beans down by 8 to 10 cents and only ~5 off their low. Meal prices are $1.60 to $2.20 in the red. Soy oil futures are down by 43 to 58 points so far.
USDA reported 2.943 MMT of soybeans were sold during the week that ended 12/08. Pre-report estimates were maxed at 2.1 MMT going in – with 1.47 MMT previously announced. That was the second most weekly sale for the season. Bean commitments sit at 41.8 MMT (1.537 bbu) as of 12/08, which is 75% of the WASDE forecast. Last year’s 1.472 bbu of commitments were 72% of the WASDE forecast at the time.
The products saw 209.6k MT of meal sales and 294 MT of net BO cancelations. Accumulated soymeal export sales sat at 5.54 MMT as of 12/08, and BO bookings were 30,445 MT. Those trail last year by 3.2% and 90.5% respectively.
Private firm Planalytics estimates the Argentina soy yield at 2.79 MT/HA – compared to USDA’s 3 MT/HA estimate. They had Brazil’s average soy yield at 3.51 MT/HA compared to 3.54 from USDA.
Jan 23 Soybeans are at $14.72 1/2, down 9 3/4 cents,
Nearby Cash is at $14.48 5/8, down 9 7/8 cents,
Mar 23 Soybeans are at $14.75 3/4, down 9 1/4 cents,
May 23 Soybeans are at $14.77 3/4, down 10 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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