Brugler Marketing & Management, LLC -

Double Digit Losses for Beans

Alan Brugler - Barchart - Tue Jan 19, 5:29PM UTC

Front month soy futures are trading with midday losses of 13 to 23 cents. Rainfall is much improved for South America, with more in the forecasts. USDA announced a large soybean export sale, reporting 132,000 MT of new crop soybeans sold to China. Front month soymeal futures are trading $9.30 to $10.30 lower to put pressure on crush margins. Soy oil futures are from 6 points higher to 21 points lower in the front months. Weekly Export Inspections data showed 75.63 mbu of soybeans exported on the week ending 1/14. That was up from 68mbu LW and from 44.4 mbu the same week last year. China was the top destination for the week’s shipments with 62% of the total. Weekly data had the MY accumulated soybean exports at 1.578 bbu. The European Commission data showed MYTD soybean exports were 8.04 MMT through Jan 17. That is up from 7.66 MMT last MY. Early Brazilian bean harvest is underway, with 0.4% of the planted area harvested. AgRural said that trails last year’s pace of 1.8%. A slow start to harvest has been expected, due to planting delays back in September and October.

Mar 21 Soybeans are at $13.94, down 22 3/4 cents,

May 21 Soybeans are at $13.91 3/4, down 23 cents,

Jul 21 Soybeans are at $13.79 3/4, down 21 1/4 cents,

Aug 21 Soybeans are at $13.36 3/4, down 17 1/2 cents,

Mar 21 Soybean Meal is at $452.90, down $10.30

Mar 21 Soybean Oil is at $41.91, up $0.06

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