AgriCharts Market Commentary

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Soybeans

October 20, 2017

Soybean futures lost 7 1/4 to 7 3/4 cents in the nearby contracts on Friday. Drier weather this week is pressuring the market, as most traders are ignoring forecasts for showers in the Eastern US next week and focused on harvest progress this week. December meal was $4.30/ton lower, with nearby bean oil 33 points higher. A private export sale to China of 198,000 MT for 17/18 delivery was reported by the USDA this morning. The CME is lowering the daily price limit to 65 cents for soybeans, which will take effect on November 1. The weekly COT report had spec traders adding another 37,186 contracts to their net long position in soybean futures and options. Their net position on Tuesday was net long 68,168 contracts.

Nov 17 Soybeans closed at $9.78 3/4, down 7 3/4 cents,

Jan 18 Soybeans closed at $9.89 1/4, down 7 3/4 cents,

Mar 18 Soybeans closed at $9.99 1/4, down 7 3/4 cents,

Jul 18 Soybeans closed at $10.16 3/4, down 7 1/4 cents,

Dec 17 Soybean Meal closed at $317.10, down $4.30,

Dec 17 Soybean Oil closed at $34.16, up $0.33

Soybeans

October 20, 2017

Soybean futures are currently down 5 1/2 to 5 3/4 cents at midday. Drier weather this week is pressuring the market, as most traders are ignoring forecasts for showers in the Eastern US next week. December meal is $3.20/ton lower, with nearby bean oil 27 points higher. A private export sale to China of 198,000 MT for 17/18 delivery was reported by the USDA this morning. Soybean commitments for exports are now 11.5% below this time last year. Compared to the USDA full year projection, they are 43% complete, lagging the average for this week at 58% and 54% last year. The CME is lowering the daily price limit to 65 cents for soybeans, which will take effect on November 1.

Nov 17 Soybeans are at $9.80 3/4, down 5 3/4 cents,

Jan 18 Soybeans are at $9.91 1/2, down 5 1/2 cents,

Mar 18 Soybeans are at $10.01 1/2, down 5 1/2 cents,

May 18 Soybeans are at $10.10 1/2, down 5 1/2 cents,

Dec 17 Soybean Meal is at $318.20, down $3.20

Dec 17 Soybean Oil is at $34.10, up $0.27

Soybeans

October 20, 2017

Soybean futures are trading 3 to 4 cents higher this morning after finishing Thursday with gains of 2 to 4 cents in most contracts. December meal was down 40 cents/ton, with nearby bean oil 42 points higher. Weekly soybean exports hit 1.85 MMT (68 million bushels), a MY high and 18.7% larger than last year. Soybean commitments for exports are now 11.5% below this time last year. Compared to the USDA projection, they are 43% complete. Shipments for soy meal were 154,660 MT during the week ending Oct 12. Soy oil exports totaled just 6,458 MT. Analysts with Informa increased their 2018 US soybean acreage estimate 1.29 million acres from last month to an expected record 90.347 million acres.

Soybeans

October 19, 2017

Soybean futures finished Thursday with gains of 2 to 4 cents in most contracts. December meal was down 40 cents/ton, with nearby bean oil 42 points higher. In addition to the weekly Export Sales report, the USDA announced a private export sale of 384,000 MT of 17/18 soybeans to China through their daily system. Soybean 17/18 export sales for the week ending 10/12 fell just shy of expectations at 1.275 MMT. That was down 10% from the same a year ago and lagging last week by 27%. China purchased the majority of the sales, at 1.175 MMT, with 523,000 MT switched from unknown destinations. Weekly exports hit 1.85 MMT (68 million bushels), a MY high and 18.7% larger than last year. Soy meal sales came in at 296,015 MT for 17/18, with soy oil at 27,444 MT. Analysts with Informa increased their 2018 US soybean acreage estimate 1.29 million acres from last month to an expected record 90.347 million acres.

Nov 17 Soybeans closed at $9.86 1/2, up 2 1/4 cents,

Jan 18 Soybeans closed at $9.97, up 2 cents,

Mar 18 Soybeans closed at $10.07, up 2 1/4 cents,

Jul 18 Soybeans closed at $10.24, up 2 1/2 cents,

Dec 17 Soybean Meal closed at $321.40, down $0.40,

Dec 17 Soybean Oil closed at $33.83, up $0.42

Soybeans

October 19, 2017

Soybean futures are 3 1/4 to 3 1/2 cents in the green on Thursday. December meal is up 10 cents/ton, with nearby bean oil 39 points higher. In addition to the weekly Export Sales report, the USDA announced a private export sale of 384,000 MT of 17/18 soybeans to China through their daily system. Soybean 17/18 export sales for the week ending 10/12 fell just shy of expectations at 1.275 MMT. That was down 10% from the same a year ago and lagging last week by 27%. China purchased the majority of the sales, at 1.175 MMT, with 523,000 MT switched from unknown destinations. Soy meal sales came in at 296,015 MT for 17/18, with soy oil at 27,444 MT. Analysts with Informa increased their 2018 US soybean acreage estimate 1.243 million acres from last month to an expected record 90.3 million acres.

Nov 17 Soybeans are at $9.87 3/4, up 3 1/2 cents,

Jan 18 Soybeans are at $9.98 1/2, up 3 1/2 cents,

Mar 18 Soybeans are at $10.08 1/4, up 3 1/2 cents,

May 18 Soybeans are at $10.17, up 3 1/4 cents,

Dec 17 Soybean Meal is at $321.90, up $0.10

Dec 17 Soybean Oil is at $33.80, up $0.39


Market Commentary provided by:

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