Soy Market Closes Weaker on Monday

Nearby Soybean futures fell 23 3/4 to 26 3/4 cents coming out of the weekend, a more than 1% drop. Soymeal was down $5.90 to $8.70/ton at the bell. Front month soy oil closed the day 63 to 75 points lower.  

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 Wednesday’s 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 of soybeans as of Dec 1. 

Jan 22 Soybeans  closed at $13.74 3/4, down 26 3/4 cents,

Nearby Cash  was $13.44 1/2, down 26 cents,

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

Nov 22 Soybeans  closed at $13.00 1/2, down 21 1/4 cents,

New Crop Cash  was $12.39, down 22 1/2 cents,