Front month soybean prices are backing off with 4 to 7 cent losses on the midday quote screens. Jan futures are dime weaker, but holding above the $13 round number. Soymeal futures are also trading weaker through Thursday’s midday with 0.6% to 1.4% losses. Soy oil futures are trading 38 to 48 points/lb in the red.
Wire sources had Egypt’s GASC as buyers for 35k MT of sunflower oil.
Traders are looking for tomorrow’s Export Sales report to show between 800k MT and 1.7 MMT of old crop soybeans were sold during the week that ended 12/21. Analysts expect less than 150k MT of new crop beans were sold. Meal bookings are estimated between 100k and 300k MT, while soy oil sales are expected to be below 10k MT.
Brazil’s ANEC has Dec bean shipments totaling 3.48 MMT, a 20k MT trim from the forecast. Soymeal exports were also slightly trimmed to 2.05 MMT for the month.
Abiove adjusted their outlook on Brazil’s soy situation, including a 1.6 MMT production cut to 160.3 MMT (USDA @ 161). Expected bean exports were trimmed by 900k MT to 99.3 MMT (USDA @ 99.5), though crush was left alone at 54.5 MMT. Meal and oil production were 41.7 MMT and 11 MMT, compared to the WAOB’s Dec forecast of 43.2 MMT and 10.7 MMT respectively.
Jan 24 Soybeans are at $13.07 1/4, down 9 1/2 cents,
Nearby Cash is at $12.55 3/8, down 8 3/8 cents,
Mar 24 Soybeans are at $13.14, down 6 1/2 cents,
May 24 Soybeans are at $13.24, down 5 1/2 cents,
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