Soybeans Extend Double Digit Losses Overnight

Soybean futures are 14 to 32 cents lower this morning. That comes after +30 cent drops to start the week on Tuesday. Preliminary OI data suggests long liquidation pressured the market, dropping 6,737 contracts during the 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. Board crush spreads continue to weaken, with the front month down 31% since the end of December. Dalian soybean futures were lower on Wednesday. Weekly Export Inspections data showed 75.63 mbu of soybeans exported on the week ending 1/14. Weekly data had the MY accumulated soybean exports at 1.578 bbu. The European Commission data showed MYTD soybean exports were up yr/yr to 8.04 MMT through Jan 17. AgRural reported 0.4% of beans have been harvested. 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. Forecasts call for above average rainfall in southern Brazil and Argentina after the 26th.

--- provided by Brugler Marketing & Management

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