Soybeans Weaker to Start Thursday

Soybeans are trading with losses of 4 to 5 cents so far on Thursday AM trade for the abbreviated session. The soybean market fell into the close on Wednesday, as contracts were down 1 to 6 ½ cents at the final bell. CmdtyView’s national front month Cash Bean price was down 2 1/2 at $9.39. Soymeal futures were back down $2.20 to $3.20/ton on the day, with Soy Oil futures 24 to 39 points higher on the session. There were 60 deliveries against Jan soybean overnight, all by a Marex customer, with 51 issued against January meal and 171 for Jan bean oil.

The next 7 days looks drier for much of Argentina and southern Brazil, with the 8-14 day period looking wetter for both out to January 20-25

The weekly Export Sales report is delayed until Friday as the government offices will be closed today for a National Day of Mourning for former President Carter’s funeral. The markets will be closing at 12:15 pm CST.

USDA will release a slew of reports on Friday, with the trade looking for us bean yield to be down 0.1 bpa to 51.6 bpa. Production is seen down 8 mbu to 4.453 bbu, as harvested acres are estimated to be slightly higher from the November report. 

Jan 25 Soybeans  closed at $9.85 3/4, down 6 1/2 cents, currently down 4 cents

Nearby Cash  was $9.39, down 2 1/2 cents,

Mar 25 Soybeans  closed at $9.94, down 3 1/4 cents, currently down 4 1/2 cents

Jul 25 Soybeans  closed at $10.17 3/4, down 1 1/4 cents, currently down 4 3/4 cents