Beans in Red into Midday

Soybean futures are trading with midday losses of 6 3/4 to 11 3/4 cents through the front months. Meal prices are down by as much as $5.30/ton. Soybean oil futures are down by 36 to 69 points so far. 

The Export Sales report had 736k MT of soybean sales for the week that ended 12/15. That was down from 2.9 MMT sold last week and was below the expected range. USDA had the weekly export at 1.99 MMT, for a 24.93 MMT (916 mbu). That is 44.8% of the WASDE forecast. 

For the products the FAS data had 311k MT of soymeal sales. The weekly shipment was 336k MT, for a season’s total of 2.265 MMT. BO bookings were 822 MT, while the expected range was 0-10k MT. Total soy oil commitments reached 31,267 MT. 

Chinese customs data showed the PRC brought in 7.35 MMT of soybeans during November. That was down 14% from Nov ’21, with U.S. origin down by 7%. The U.S. sourced 46% of their total in November, compared to 35% from Brazil and a 42.5% share of last year’s 8.547 MMT total.  

Jan 23 Soybeans  are at $14.70 3/4, down 10 1/4 cents,

Nearby Cash   is at $14.46 7/8, down 10 1/4 cents,

Mar 23 Soybeans  are at $14.74 3/4, down 9 3/4 cents,

May 23 Soybeans  are at $14.78 1/2, down 9 cents,