Soy prices are mostly near their overnight highs into the day session of the midweek trade. Beans are up by 8 to 9 cents so far. After attempting a Turnaround Tuesday rally, the bean market closed mid-range on 1 1/4 to 4 1/4 cent losses. In the meal, the board closed with $0.50 to $1.40 losses. Soybean oil futures faded 68 to 78 points in the front months on Tuesday.
Survey responses ahead of the WASDE data show the average trade guess for Argentina soy production is 46.5 MMT. That would be a 3 MMT cut from the current figure if realized. For Brazil, analysts are looking to see between 151 and 155 MTM in the report with an average expectation of a 400k MT increase.
Brazil’s Safras and Mercado reported 43.7MMT, or ~36.5% of the expected output, of soybeans were sold by farmers through 1/06, compared to the average 41%. USDA’s Ag Attache raised their estimate for Brazil’s soybean output to 153 MMT.
Jan 23 Soybeans closed at $15.10, up 6 1/2 cents, currently up 5 1/4 cents
Nearby Cash was $14.53 3/8, down 3 1/8 cents,
Mar 23 Soybeans closed at $14.85, down 3 1/2 cents, currently up 9 1/4 cents
May 23 Soybeans closed at $14.89 1/4, down 4 1/4 cents, currently up 9 1/4 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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