Soybean futures are down 1 to 1 3/4 cents in most contracts on Friday. Meal futures are up 30 cents/ton in the nearby contracts, with soy oil down 20 points The NASS Crop Production report showed US soybean yield at 51.6 bpa, down 0.5 bpa from the November update and below most estimates. That dropped production to 4.544 bbu. The new ending stocks projection from USDA is now at 910 mbu, 45 mbu below the previous number. In the quarterly Grain Stocks report, USDA showed Dec 1 soybean stocks at 3.736 bbu, a jump of 575 mbu from the year prior. In the world side of things, USDA saw tighter world carryout by ~8.61 MMT to 106.72 MMT. That was assisted by a 5 MMT cut to Brazil production as expected, now at 117 MMT. Argentina’s output number was down 0.5 to 55 MMT. Chinese soybean consumption was cut 3.5 MMT from the December figure, with imports lowered another 2 MMT.
Mar 19 Soybeans are at $9.11 3/4, down 1 1/2 cents, |
May 19 Soybeans are at $9.25 3/4, down 1 1/2 cents, |
Jul 19 Soybeans are at $9.39 1/4, down 1 3/4 cents, |
Aug 19 Soybeans are at $9.44 1/2, down 1 3/4 cents, |
Mar 19 Soybean Meal is at $305.80, up $0.30 |
Mar 19 Soybean Oil is at $30.61, down $0.20 |
--provided by Brugler Marketing & Management
