Soybeans are well off the double-digit strength from early morning action, as contracts are up just 2 to 3 cents across the nearbys. Modest short covering was noted for Monday’s higher trade, with preliminary open interest dropping 1,245 contracts (all in nearby January). Front month Soymeal futures are fading as week, with $2.90 to $3.20/ton losses on the day. Soybean Oil futures are up 76 to 85 points so far.
US production estimates for soybeans from Barchart were raised by 146 mbu to 4.507 bbu. That came all via harvested acreage increases, which were up 130,000 acres to 86.62 million acres, with yield left at 52.03 bpa. USDA’s current totals are at 49.9 bpa for yield and 82.8 million acres for harvested.
The weather outlook for Brazil shows some precip across most of the country this week, before returning to drier and warmer weather next week.
Jan 24 Soybeans are at $13.69 1/4, up 2 cents,
Nearby Cash is at $13.09 3/8, up 2 cents,
Mar 24 Soybeans are at $13.85 1/2, up 2 1/4 cents,
May 24 Soybeans are at $13.97 1/4, up 2 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. For more information please view the Barchart Disclosure Policy here.
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