Double Digit Drops for Soybeans

So far soybean futures are trading with midday losses of 10 1/4 to 13 1/2 cents. Soymeal futures are down $6.90 to $8.20/ton. Soybean oil is firm for midday with 2 to 9 point gains. 

HIS Markit expects US soybean acres to increase nearly 6% to 92.38 million. That would be above corn acres for just the 2nd time on record (2018) if realized, with the firm citing high fertilizer prices. 

USDA announced a reportable private export sale this morning as China booked 132k MT of soybeans. The weekly data showed 671k MT of beans were booked during the week that ended 1/13. That was at the low end of pre-report estimates and down 63% yr/yr. Bean exports were 1.8 MMT for the week, leaving the MYTD export program at 33.4 MMT (1.23 bbu). USDA data still had 9.7 MMT of bean bookings on the books for 21/22. Next MY beans had 994k MT on the books. 

USDA’s Export Sales report showed 314,921 MT of soymeal was booked during the week that ended 1/13. That was up 203% from last week, 7% lower yr/yr, and just above the pre report expectations. Ecuador and Canada were the week’s top meal buyers. For soybean oil, 30,733 MT were booked during the week of 1/13. That was above pre report estimates, led by South Korea and the Dominican Republic. 

Mar 22 Soybeans  are at $14.14, down 11 3/4 cents,

Nearby Cash  is at $13.70 3/4, down 12 1/4 cents,

May 22 Soybeans  are at $14.22 1/2, down 12 cents,

Nov 22 Soybeans  are at $13.12 1/2, down 7 3/4 cents,

New Crop Cash  is at $12.54 5/8, down 7 3/4 cents,