AgriCharts Market Commentary

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Soybeans

Soybean futures are mostly 2 to 3 cents higher this morning. They finished the Monday session with most contracts 4 to 7 1/2 cents higher. Meal futures were up $7/ton, with nearby soy oil down 12 points. Meal is becoming a hot item, with preliminary open interest for Monday up 6,944 contracts. Soybean export inspections for the week that ended January 18 were 1.419 MMT. That was 14.07% above last week and 9.54% above this week last year. A correction was made to last week’s NOPA crush report, showing December crush slightly lower than previously reported at 166.305 mbu. Soybean export commitments are 73% of the Jan 12 USDA projection, compared to last year's 85% and the average of 87%. USDA is clearly expecting stronger than year ago exports for the balance of the marketing year.

Soybeans

Soybean futures finished the Monday session with most contracts 4 to 7 1/2 cents higher. Meal futures were up $7/ton, with nearby soy oil down 12 points. Soybean export inspections for the week that ended January 18 were tallied at 1.419 MMT by the USDA. That was 14.07% above last week and 9.54% above this week last year. A correction was made to last week’s NOPA crush report earlier today, showing December crush slightly lower than previously reported at 166.305 mbu. Commitments of soybean exports are now at 73% of the newly updated USDA projection, compared to last year's 85% and the average of 87%. Rains expected over the next week in the central part of Brazil are seen as slowing the start of harvest.

Mar 18 Soybeans closed at $9.84 1/4, up 7 cents,

May 18 Soybeans closed at $9.95 3/4, up 7 1/4 cents,

Jul 18 Soybeans closed at $10.05 3/4, up 7 1/2 cents,

Sep 18 Soybeans closed at $10.03, up 5 3/4 cents,

Mar 18 Soybean Meal closed at $338.60, up $7.00,

Mar 18 Soybean Oil closed at $32.16, down $0.12

Soybeans

Soybean futures are mostly 7 cents in the green on Monday. Meal futures are up $6.90/ton, with nearby soy oil down 8 points. Soybean export inspections for the week that ended January 18 were tallied at 1.419 MMT by the USDA. That was14.07% above last week and 9.54% above this week last year. A correction was made to last week’s NOPA crush report earlier today, showing December crush slightly lower than previously reported at 166.305 mbu. Commitments of soybean exports are now at 73% of the newly updated USDA projection, compared to last year's 85% and the average of 87%. CFTC on Friday showed spec funds added another 10,562 contracts to their net short position during the week ending January 16, to a net position of -103,397 contracts.

Mar 18 Soybeans are at $9.84 1/2, up 7 1/4 cents,

May 18 Soybeans are at $9.95 1/2, up 7 cents,

Jul 18 Soybeans are at $10.05 3/4, up 7 1/2 cents,

Aug 18 Soybeans are at $10.07 1/2, up 6 1/4 cents,

Mar 18 Soybean Meal is at $338.50, up $6.90,

Mar 18 Soybean Oil is at $32.20, down $0.08

Soybeans

Soybean futures are trading 5 to 7 cents higher this morning. They settled the Friday session with most contracts 3 to 4 1/4 cents higher. Meal futures were up $3.20/ton, with nearby soy oil up 5 points. Weekly soybean shipments totaled 1.179 MMT, slipping 23.8% from a week ago and lagging last year by 25.4%. Commitments of soybean exports YTD have totaled 42.694 MMT, 11.6% behind last year at this time. The soybean harvest in Brazil has totaled 0.8% for far, according to AgRural, compared to the average of 1.2% and last year’s 2.2%. BAGE rates soybean conditions in Argentina at 37.3% gd/ex, vs. last year’s 52.6%. The meal crush pace in Argentina has slowed. CFTC on Friday showed spec funds added another 10,562 contracts to their net short position during the week ending January 16, to a net position of -103,397 contracts.

Soybeans

Soybean futures settled the Friday session with most contracts 3 to 4 1/4 cents higher, with back months steady to up 2. Meal futures were up $3.20/ton, with nearby soy oil up 5 points. This morning, the USDA indicated that old crop soybean bookings last week totaled 1.24 MMT, beating out expectations. China purchased 576,600 MT, with Mexico buying 238,000 MT. The first full non-Holiday week of 2018 also showed new crop sales of 287,660 MT. Soybean shipments totaled 1.179 MMT, slipping 23.8% from a week ago and lagging last year by 25.4%. Soybean meal sales were at 281,820 MT, as soy oil sales tallied 27,922 MT. The soybean harvest in Brazil has totaled 0.8% for far, according to AgRural, compared to the average of 1.2% and last year’s 2.2%. BAGE rates soybean conditions in Argentina at 37.3% gd/ex, vs. last year’s 52.6%.

Mar 18 Soybeans closed at $9.77 1/4, up 4 1/4 cents,

May 18 Soybeans closed at $9.88 1/2, up 4 1/4 cents,

Jul 18 Soybeans closed at $9.98 1/4, up 4 1/4 cents,

Sep 18 Soybeans closed at $9.97 1/4, up 2 3/4 cents,

Mar 18 Soybean Meal closed at $331.60, up $3.20,

Mar 18 Soybean Oil closed at $32.28, up $0.05


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