AgriCharts Market Commentary

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Soybeans

Soybean futures settled with strong gains of 15 to 18 1/2 cents in most contracts, as Jan was +3 1/2 cents on the week. December meal was up $7.70/ton, with nearby bean oil a point higher. Managed money spec funds cut their net long soybean position 24,188 contracts in soybean futures and options as of Nov 14. That net position stood at 22,550 contracts on that date. The national average US soybean cash price on Thursday was $8.95 1/4, 20 3/4 cents lower than the same week last year. The BAGE estimates that Argentina’s soybean planting season is 23.8% completed, nearing last year’s 24.2% pace. The Brazil soybean crop is 73% planted, even with last year and above the average of 68%, according to AgRural.

Jan 18 Soybeans closed at $9.90 1/2, up 18 1/2 cents,

Mar 18 Soybeans closed at $10.01 1/2, up 18 1/4 cents,

May 18 Soybeans closed at $10.11, up 18 1/4 cents,

Aug 18 Soybeans closed at $10.20 1/4, up 17 1/4 cents,

Dec 17 Soybean Meal closed at $318.20, up $7.70,

Dec 17 Soybean Oil closed at $34.44, up $0.01

Soybeans

Soybean futures are trading 12 to 13 1/2 cents in the green on Friday. December meal is up $6.20/ton, with nearby bean oil down 9 points. Export commitments of soybeans are 12.1% lower than this time last year. They are running at 53% of the USDA full year projection, which trails last year by 13% and the 5 year average by 17%. They are getting a late start due to the Brazilian overhang. The national average US soybean cash price on Thursday was $8.95 1/4, 20 3/4 cents lower than the same week last year. BAGE projects that Argentina’s soybean planting season is 23.8% completed, nearing last year’s 24.2%.

Jan 18 Soybeans are at $9.85 1/2, up 13 1/2 cents,

Mar 18 Soybeans are at $9.96 1/4, up 13 cents,

May 18 Soybeans are at $10.06, up 13 1/4 cents,

Jul 18 Soybeans are at $10.14 1/4, up 12 3/4 cents,

Dec 17 Soybean Meal is at $316.70, up $6.20

Dec 17 Soybean Oil is at $34.34, down $0.09

Soybeans

Soybean futures are currently 4 to 5 cents higher after closing Thursday with losses of 2 to 4 1/4 cents in most contracts. December meal was down 80 cents/ton, with nearby bean oil 32 points lower. Shipments of soybeans ran 2.256 MMT, a 10.5% drop from last week and down 17.3% from a year ago. China was the main destination, bringing in 1.48 MMT. Export commitments of soybeans are 12.1% lower than this time last year. They are running at 53% of the USDA full year projection, which trails last year by 13% and the 5 year average by 17%. They are getting a late start due to the Brazilian overhang. Exports of soy meal came hit a marketing year (MY) high of 315,954 MT, with soy oil at 12,660 MT. Updated Informa numbers show projected 2018 soybean acreage of 89.627 million, down 720,000 acres from their previous estimate.

Soybeans

Soybean futures closed Thursday with losses of 2 to 4 1/4 cents in most contracts. December meal was down 80 cents/ton, with nearby bean oil 32 points lower. Soybean export sales for the 17/18 MY during the week of 11/9 crept just barely into analysts expectations at 1.105 MMT. That was a jump of 17.7% over this time last year but down 4.8% from a week ago. Of that total, China had 1.113 MMT, with more than half being switched from Unknown Destinations. Sales of 72,100 MT of 18/19 soybeans were also reported. Shipments of soybeans ran 2.256 MMT, a 10.5% drop from last year and down 17.3% from a year ago. Total soy meal sales came in at 169,423 MT, with export sales of soy oil at just 2,664 MT. Updated Informa numbers show projected 2018 soybean acreage of 89.627 million, down 720,000 acres from their previous estimate.

Jan 18 Soybeans closed at $9.72, down 4 1/4 cents,

Mar 18 Soybeans closed at $9.83 1/4, down 4 cents,

May 18 Soybeans closed at $9.92 3/4, down 4 cents,

Aug 18 Soybeans closed at $10.03, down 4 cents,

Dec 17 Soybean Meal closed at $310.50, down $0.80,

Dec 17 Soybean Oil closed at $34.43, down $0.32

Soybeans

Soybean futures are 2-3 1/4 cents in the red in most front months at midday. December meal is steady, with nearby bean oil down 21 points. Soybean export sales for the 17/18 MY during the week of 11/9 crept just barely into analysts expectations at 1.105 MMT. That was a jump of 17.7% over this time last year but down 4.8% from a week ago. Of that total, China had 1.113 MMT, with more than half being switched from Unknown Destinations. Sales of 72,100 MT of 18/19 soybeans were also reported. Total soy meal sales came in at 169,423 MT, with export sales of soy oil at just 2,664 MT. Updated Informa numbers show projected 2018 soybean acreage of 89.6 million, down 720,000 acres from their previous estimate.

Jan 18 Soybeans are at $9.73, down 3 1/4 cents,

Mar 18 Soybeans are at $9.84 1/4, down 3 cents,

May 18 Soybeans are at $9.94, down 2 3/4 cents,

Jul 18 Soybeans are at $10.02 1/2, down 2 1/2 cents,

Dec 17 Soybean Meal is at $311.30, unch

Dec 17 Soybean Oil is at $34.54, down $0.21


Market Commentary provided by:

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