The midday soybean market is another 8 to 11 ¼ cents weaker, leaving the Jan contract at a net 56 ½ cent drop in 4 sessions and to back below the $13 mark. Soymeal futures are $2.40 higher. Soybean Oil futures are triple digits weaker with a 3.3% loss in Jan.
Estimates ahead of the USDA WASDE and Crop Production reports is to see a 2.8 mbu tighter US soybean carryout of 242 mbu. Argentina’s soy crop is estimated to be 200k MT higher to 48.2 MMT, while Brazil is expected to be revised 2.8 MMT smaller to 160.1 MMT. On net the global soybean carryout is expected at 112.9 MMT, down by 1.6 MMT.
Australia’s ABARES set the Canola crop at 5.5 MMT in their recent update, a 300k MT increase from the prior figure.
Weekly Inspections data had 1.108 MMT of soybeans shipped during the week that ended 11/30. That was down from 1.57 MMT last week and well below the 2.08 MMT shipped during the same week last year. USDA also added over 1.58 MMT of bean shipments to past reports, boosting leaving the season’s total to 18.692 MMT (686.8 mbu) as of 11/30. That trails last season’s 21.669 MMT pace.
A publicly traded farming company in Brazil, SLC Agricola, reported their soybean acreage at 320.5k HA (~790k acres). That was a 5% loss from their initial figures, and their expected yields were trimmed by 7.3% citing high temperatures. StoneX estimated the Brazilian soybean crop at 161.9 MMT, down from their previous 165 MMT figure.
Jan 24 Soybeans are at $12.95 1/2, down 10 3/4 cents,
Nearby Cash is at $12.39, down 11 1/8 cents,
Mar 24 Soybeans are at $13.16 1/4, down 10 1/4 cents,
May 24 Soybeans are at $13.32 1/4, down 9 3/4 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.
