Soybeans Close Lower after Afternoon Weakness

The soy market faded midday gains going into the Monday close. Beans ended the day with a 2 cent gain for in-delivery Jan, but 4 to 6 1/2 cent losses across the other front months. March soybeans printed a 15 cent range on the day. Meal futures closed with $6.40 to $7.30/ton losses after setting contract highs to close the Friday session. Soy oil futures were down by 18 to 21 points on the day. 

Survey respondents are looking for the NASS bean count to come in at 3.162 bbu for Dec 1. That would be up from 3.151 bbu last year despite a 119 mbu lighter production. The full range of estimates is between 3.088 bbu and 3.466 bbu. Q1 demand is implied at 1.458 bbu – discounting imports and/or production adjustments. 

Weekly Inspections data showed 1.438 MMT of soybeans were shipped through the week that ended 1/05. That was down by 37k MT from the prior week, but was up by 452k MT from the same week last year. USDA listed the Gulf as the top bean export region for the week, with China as the top destination. Accumulated soybean exports were listed as 30 MMT according to the weekly data, that is a 5.3% lag from last year’s pace. 

The Rosario Grains Exchange showed that 2.5m HA of soybeans in the “zona nucleo” are in poor condition, with another 600k HA of the same zone in very poor condition. Total Argentine plantings were listed at 17.1m HA, but Rosario Grains Exchange hinted at upcoming reductions. 

Jan 23 Soybeans  closed at $15.03 1/2, up 2 cents,

Nearby Cash   was $14.56 3/8, down 3 1/2 cents,

Mar 23 Soybeans  closed at $14.88 1/2, down 4 cents,

May 23 Soybeans  closed at $14.93 1/2, down 5 cents,