After a red Thursday session, soybeans are another double digits lower with 10 to 13 cent losses across the front months at midday. That is enough to flip the board red for the week’s move, barring the close. Soymeal futures are trading $6.90 to $8.40 in the red so far. Soy oil futures are up by 36 to 41 points at midday.
The Canadian canola crush was 943k MT for December according to the StatsCan data. That was up 14.1%, bringing the season total to 4.578 MMT. Canadian Canola Prices are firming up by $1.50 for the weekend.
The weekly FAS Export Sales data showed 560,869 MT of soybeans were booked during the week that ended 1/18. That was below expectations and was 57% of last year’s volume. Bean commitments were at 37.9 MMT as of 1/18 compared to 45.3 MMT last year.
USDA’s weekly Export Sales data also had 255.8 MT of soymeal sales, which was inline with estimates. Soybean oil sales were reported at 118 MT compared to the -5k to +10k MT expected. The BA Grain Exchange estimates 98% of the Argentine soybean crop is planted. Condition was rated 44% good/ex, a sharp drop from the previous week. That group rates 8% of the crop in poor condition vs. only 2% the previous week. Their production estimate of 52.5 MMT is still larger than the most recent USDA figure of 50 MMT.
Mar 24 Soybeans are at $12.11 1/4, down 11 3/4 cents,
Nearby Cash is at $11.57 1/1, down 10 3/4 cents,
May 24 Soybeans are at $12.18 1/2, down 11 3/4 cents,
Jul 24 Soybeans are at $12.26 1/2, down 11 cents,
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