Soybeans Dropping at Midday

Front month bean futures are down 26 1/2 to 30 cents so far. Soymeal futures are $8.20 to $8.50 in the red. Soy oil prices are down 56 to 60 points. Chinese importers purchased 136,000 MT of old crop beans in a daily announcement this morning. Export Sales data showed bean bookings were 2.649 MMT. That was split with 1.818 MMT for old crop and 831k MT for new crop. Both were above the range of estimates ahead of the report. Meal estimates were also above expectations with 468,515 MT sold. Soybean oil sales were reported at 52,291 MT, while the range of estimates was for 10,000-30,0000. BAGE reported Argentine soy planting at 98.6% complete as of 1/21. The report also noted that 46% of the crop is beginning to flower, which is 9.6 percentage points behind normal. BAGE reported 89.6% of the crop is normal to excellent. BAGE reported dryness improved from 32% of the crop in regular/dry LW to just 13% for the week ending 1/21. LY dryness only inflicted 3% of the bean crop. Conditions improved from 18% good/ex to 21% good/ex.

Mar 21 Soybeans are at $13.42 1/4, down 28 cents,
May 21 Soybeans are at $13.41 1/2, down 27 1/4 cents,
Jul 21 Soybeans are at $13.26, down 28 1/2 cents,
Aug 21 Soybeans are at $12.80 1/2, down 30 cents,
Mar 21 Soybean Meal is at $429.80, down $8.40
Mar 21 Soybean Oil is at $42.84, down $0.59

--- provided by Brugler Marketing & Management

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