Beans Weaker through Midday

Coming out of the weekend soybeans are down by double digits with 23 1/2 cent to 27 3/4 cent losses. That has old crop back below the $14 mark. Meal prices are $5.70 to $9.50/ton weaker. Soybean oil is also trading 52 to 87 points in the red. 

USDA’s FAS reported 905,149 MT of soybeans were shipped during the week that ended 1/6. That was down from 1.61 MMT last week and 1.91 MMT during the same week last season. Corrections to past reports added 418,738 MT through 49 entries, which left the season’s total at 

31.65 MMT. Shipments last year had reached 41.13 MMT as of 1/7. 

Going into the reports, traders are looking to see a USDA trim Brazil’s soy production by 2.4 MMT to 141.6 MMT on average. Argentina soybeans are expected to be reported at 48.2 MMT, which would be a 1.3 MMT cut if realized. Global soybean carryout is expected to be 2.3 MMT lighter at 99.7 MMT. As for the quarterly stocks, the average of pre report estimates is to see NASS find 3.127 bbu. 

Jan 22 Soybeans  are at $13.78, down 23 1/2 cents,

Nearby Cash   is at $13.44 7/8, down 25 3/4 cents,

Mar 22 Soybeans  are at $13.84 3/4, down 25 1/2 cents,

Nov 22 Soybeans  are at $12.97 3/4, down 24 cents,

New Crop Cash   is at $12.38 1/1, down 23 3/4 cents,