SOYBEANS– There was some profit taking in soybeans today. Soybean oil was also lower today, while meal continues to rally. CONAB estimates Brazil’s production at 177.98 mt. Weekly export sales for beans came in at 281k yesterday, which was below the trade estimate. Crop conditions in South America are deteriorating, with Argentina bad ratings increasing 7% to 32%. March Soybeans …
Wheat and Soybeans Rally on Thursday
SOYBEANS– Soybeans rallied again today, after a 14 ¼ cent gain in the overnight session. Soybean oil also continues to trade higher. Soybean oil was breaking during the day today but ended the day higher. If there’s profit taking in soybean oil that may be when soybeans start to correct as well. Soybean meal has also rallied hard with soybeans …
Wheat Rallies on Wednesday
SOYBEANS– It was a quieter day for soybeans today, but they were able to close positive. CONAB estimates will be released tomorrow. The average estimate is 179.5 mt, compared to the USDA at 180.0 mt. Brazil’s trading at a discount to the US and their harvest is currently ahead of schedule. It would not surprise me to see a move …
February WASDE Report This Morning – Soybeans Trade Higher
SOYBEANS– As expected, today’s WASDE report was quiet, especially compared to last month’s report. No changes were made to the domestic balance sheet. World ending stocks for soybeans were raised from 124.91 mmt to 125.51 mmt. Yesterday there was a flash sale for delivery to China. It was the first sale to China since mid-January. Soybeans have bullish charts on …
Soybeans Move Lower on Monday
SOYBEANS– Soybeans were 5 cents lower in the overnight session and continued lower today. There’s some profit taking happening in beans after the rally last week. Brazil is expected to have a huge crop. Harvest is 16% complete. And the largest growing region, Mato Grasso, is well-ahead of the average harvesting pace at nearly 40% complete. Brazil’s production estimate was …
WRT World Agricultural Supply and Demand February 8
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The Grains Fade Lower on Friday
SOYBEANS– Soybeans rallying at the start of the day but pulled back as the day went on. Although soybeans failed to keep their gains they did close positive in the march contract. As of today, the March-May spread is at 49.89% of full carry, while the May-July spread is at 38.7% of full carry. The March-May spread was 43.1% on …
President Trump’s Social Media Comments Send Soybeans Higher
SOYBEANS– Soybeans were down 3 in the overnight session but had a big rally during today’s session. President Trump said on social media that China may buy more US beans. March Soybeans rallied from the low at 1059 to as high as 1115 1/4. The comments from Trump helped the markets but it may not be enough to sustain higher …
The Grains Trade Higher on Tuesday
SOYBEANS– Soybeans traded higher again today following a 7 cent gain in the overnight session. Soybeans are being supported by strength in soybean oil. The US-India trade deal was announced yesterday. Soybean oil stocks for December were 2.179 bp, compared to 2.164 bp in November. The average for soybean oil stocks is 2.079 bp in December. Soybeans may move lower …
Wheat Trades Higher Again on Thursday
SOYBEANS– Soybeans were up 5 ¾ cents in the overnight session but closed lower during today’s session. The dollar and dry weather are supporting the bean market for now. Support for soybeans is at 1062. If soybeans trade below that level, then beans could trade much lower. Even with some weather concerns there will likely still be huge crops coming …