Friday Drop for Soy Futures

The double digit losses for Friday’s soybean session has the board flipping back to net red on the weekly charts. The front months are down 8 ½ to 15 cents, with Jan 6c off the low for the day and at a 2 ½ cent loss for the week’s move. Soymeal  futures are dropping with 1.7% to 2.2% losses through midday. The front months are still at a net gain for the week, but Dec is $23 off the contract high. Soybean Oil prices are firmer for Friday, up by 28 to 34 points at midday. The cash B100 prices were reported steady in USDA’s weekly report, at $3.62/gal in MN and $5.47/gal in IL. 

Canadian Canola Prices are extending the losses from Thursday by another $6-$7 CAD/MT so far on Friday. 

The International Grains Council estimates world bean production at 395 MMT, up 2 MMT from the prior outlook and now 28 MMT higher yr/yr. South American output, specifically Argentina, was the increase from October. Carryout was left UNCH at 62 MMT in the IGC update.

BAGE raised their planted area for 23/24 soybeans in Argentina by 1% to 17.3m HA (~43m acres). They listed the crop at 18% planted. 

NOAA’s Climate Prediction Center shows some 25 to 55 mm of rain in the 7-day forecast for Brazil’s Center-South Region. That would still be ~75mm below normal for Mato Grosso. Southern Brazil’s Parana/Santa Catarina/Rio Grande do Sul is expecting another 80-130mm of rain for the week, still well above normal.  

The weekly report showed 3.92 MMT of soybeans were sold during the week that ended 11/9. Soybean commitments total 28 MMT (1.03 bbu).

Jan 24 Soybeans  are at $13.44 3/4, down 15 1/2 cents,

Nearby Cash   is at $12.85 5/8, down 15 3/4 cents,

Mar 24 Soybeans  are at $13.60 1/4, down 14 3/4 cents,

May 24 Soybeans  are at $13.72 1/4, down 14 1/4 cents,