Soybeans Trading with Monday Weakness

Soybeans are trading with Monday midday losses  of 5 to 7 cents. The cmdtyView national average Cash Bean price was 6 cents lower at $10.00 1/2. Soymeal futures are up 90 cent to $1.20, with Soy Oil futures are trading with 68 point gains at midday.

USDA reported a private export sale of 136,000 MT to China this morning.

Export Inspections data showed soybean shipments at 795,661 MT (29.24 mbu) shipped in the week that ended on December 11. That was a drop of 22.4% from the week prior and down 59.6% from same week last year. China was the top destination of 202,043 MT, with 136,515 MT to Germany and 80,425 MT to Vietnam. Marketing year shipments have totaled 13.702 MMT (503.47 mbu), a 46.3% decline yr/yr.

We got another backlogged update of the Export Sales report this morning, showing 2.232 MMT in sales, on the higher end of 0.8-3 MMT estimates in the week of November 20. There was 2.14 MMT sold to China, which was mostly known vis the daily sale announcements. Known sales to China, including this morning’s announcement, are now 4.2 MMT. 

Meal sales were tallied at 150,951 MT, on the bottom half of the estimated 100,000-450,000 MT. Soybean oil sales were back up from the week prior to 7,540 MT on the lower end of 5,000-25,000 MT estimates. 

NOPA data was released this morning, with members crushing 216.04 million bushels during November. That was a 5.1% drop from October’s all time record, but still 11.83% larger than last year and a record for the month. Soybean oil stocks were up 15.95% from the end of October at 1.513 billion lbs, which was also 39.58% larger yr/yr.

AgRural estimated the Brazilian soybean crop at 97% planted as of Thursday.

Jan 26 Soybeans  are at $10.70 3/4, down 6 cents,

Nearby Cash  is at $10.00 1/2, down 6 cents,

Mar 26 Soybeans  are at $10.80, down 6 3/4 cents,

May 26 Soybeans  are at $10.91 1/2, down 5 1/2 cents,