Soybeans Drop Thirty Cents

Bean trading on Tuesday left the board 23 1/2 to 31 3/4 cents lower after a volatile session. Front month soymeal futures ended the session $10.80 to $12.70 in the red. BO prices ended the day down by 15 to 49 points. The board soy crush ratio was a penny and a half stronger as the soybeans pulled back, to 64 cents/bu. USDA announced 132,000 MTs of new crop soybeans sold to China under the daily reporting system. Weekly Export Inspections data showed 75.63 mbu of soybeans exported on the week ending 1/14. That was up from 68mbu LW and from 44.4 mbu the same week last year. China was the top destination for the week’s shipments with 62% of the total. Weekly data had the MY accumulated soybean exports at 1.578 bbu. The European Commission data showed MYTD soybean exports were 8.04 MMT through Jan 17. That is up from 7.66 MMT last MY. Early Brazilian bean harvest is underway, with 0.4% of the planted area harvested. AgRural said that trails last year’s pace of 1.8%. A slow start to harvest has been expected, due to planting delays back in September and October. Rainfall is much improved for South America, with Brazil better covered this week while Argentina sees little.

Mar 21 Soybeans closed at $13.85 3/4, down 31 cents,
May 21 Soybeans closed at $13.83 1/4, down 31 1/2 cents,
Jul 21 Soybeans closed at $13.69 1/4, down 31 3/4 cents,
Aug 21 Soybeans closed at $13.30 3/4, down 23 1/2 cents,
Mar 21 Soybean Meal closed at $450.50, down $12.70
Mar 21 Soybean Oil closed at $41.70, down $0.15

--- provided by Brugler Marketing & Management

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