The front month soybean futures market ended the Thursday session fractionally to 1 ½ cents in the black. For the March contract, that limited the week’s move to a 41 ¾ cent drop. Soymeal futures closed the Thursday session $1.70 to $2.10 weaker, leaving the March contract at a net weekly $7.20/ton pullback. Soy oil futures closed with 45 to 51 point gains for Thursday.
Weekly Export Sales data showed 280,398 MT of beans booked in the week that ended on January 4. That was below the 325k MT and 950k MT estimates for the holiday week. Meal sales totaled just 66,123MT, below the estimated 75k MT and 400k MT, with soybean oil with a net reduction of 1,503 MT.
CONAB lowered their Brazilian soybean production figure by 4.9 MMT to 155.3 MMT in their Jan report. That came via area shifts (Parana +50k HA, Mato Grasso -85k HA) and via lower yields. National yield was trimmed the equivalent of 1.6 bpa to 51 bpa, compared to 52.2 LY. Mato Grasso and Minas Gerais were trimmed the most relative to Dec the Dec figure.
Pre-report estimates show analysts expect the WAOB to cut Brazil’s soybean forecast by at least 1 MMT to as much as 8.2 MMT, with 156.7 MMT representing the average trade guess. Argentina’s output is expected to increase by 700k MT on average, though estimates ranged from UNCH to +2 MMT.
Mar 24 Soybeans closed at $12.36 1/2, down 0 cent,
Nearby Cash was $11.80 5/8, down 3/8 cent,
May 24 Soybeans closed at $12.48, up 1/2 cent,
Jul 24 Soybeans closed at $12.56, up 3/4 cent,
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