Soy Complex Futures Close Week Mixed, Soybean Lower with Soymeal and Soyoil Higher

Soybean futures closed down 0.32% on the week, consolidating after being strongest grain in the past week. Soy complex closed higher on the week with support from soymeal (+1.6%) and soyoil (+0.48%). Uncertainty about soybean purchases by China, the world’s largest buyer of soybeans continues to keep prices in check. China will auction off another 18.4 million bushels of its state reserves of imported soybeans on November 11. South Korea purchased 120,000 metric tons of soymeal, likely sourced from China … Continue reading “Soy Complex Futures Close Week Mixed, Soybean Lower with Soymeal and Soyoil Higher”

Soybean Futures Spat July Lows with Support from Soymeal and Soyoil

Soybean futures along with canola were the strongest grains in the past week. Soybean prices closed higher Friday with support from soymeal (+1.0%) and soyoil (+1.5%). Uncertainty about soybean purchases by China, the world’s largest buyer of soybeans continues to keep prices in check. China continues to sell part of its state imported soybean reserves and has been routinely selling throughout the year to keep local supplies boosted and cool high prices. Weather patterns in Brazil and Argentina will be … Continue reading “Soybean Futures Spat July Lows with Support from Soymeal and Soyoil”

Soybean Futures Recover off July Lows on Uncertainty About Chinese Purchases

Soybean futures recovered some of the heavy selling on Friday after prices fell to their lowest since late July Thursday. November futures added 7.75 cents to $13.6575, with January futures up 6.5 cents to $13.77. Uncertainty about soybean purchases by China, the world’s largest buyer of soybeans, kept prices in check. China continues to sell part of its state imported soybean reserves and has been routinely selling throughout the year to keep local supplies boosted and cool high prices. Weather … Continue reading “Soybean Futures Recover off July Lows on Uncertainty About Chinese Purchases”

Soybean Futures Fall on Larger Than Expected NASS Stocks

Soybean prices fell Friday down over+3% with larger-than-expected soybean stocks. In addition, a likely record-breaking Brazilian crop is beginning to loom as well. Soybean stocks in all positions moved 7% higher from a year ago to 274 million bushels as of September 1. China will once again sell part of its state imported soybean reserves it has been routinely selling throughout the year to keep local supplies boosted and cool high prices. China also announced a plan to reduce port … Continue reading “Soybean Futures Fall on Larger Than Expected NASS Stocks”

Soybean Futures Soften on Fears of a Global Recession

Soybean prices fell Friday down over+2% for the front months putting the futures down for 1.55% the week with fear of a global recession. China will once again sell part of its state imported soybean reserves it has been routinely selling throughout the year to keep local supplies boosted and cool high prices. U.S. Department of Agriculture will release September grain Stocks report next week. Concerns remain for expanding South American production and a slowing U.S. and world economy FAO … Continue reading “Soybean Futures Soften on Fears of a Global Recession”

Soybean Futures Hold onto Gains from Bullish WASDE Report

Soybean prices fell Friday but managed to close higher on the week. Nov beans ended the week a net 36 1/4 cents higher (2.6%) from Friday to Friday. For the week Nov soybeans was 2.6% higher, October soymeal was 3.6% higher and soybean oil was up 3%.  USDA’s September WASDE report concluded the U.S. ending stocks estimates were bullish for soybeans. The world ending stocks estimates were seen as also bullish for soybeans. Soybean yield was cut 1.4 bpa to … Continue reading “Soybean Futures Hold onto Gains from Bullish WASDE Report”

Soybean Futures Anticipating Higher Ending WASDE Stocks

Soybean prices saw a sharp short covering bounce Friday, with nearby contracts rising more than 3% higher. For the week though Soybeans were still down .50% for the week. USDA’s September WASDE report is expected to slightly raise its estimates for 2022/23 soybean ending stocks from 245 million bushels in August to 247 million bushels this month. China continues to regularly draw down its imported soybean stockpile in an attempt to boost local supplies and tamp down high prices. Brazil … Continue reading “Soybean Futures Anticipating Higher Ending WASDE Stocks”

Soybean Futures Close Down on the Week with Risk Off Commodity Selling

Soybean prices saw a sharp short covering bounce Friday, with nearby contracts rising more than 3% higher. For the week though with the flush of commodities with global “Risk Off” dynamics Soybeans sank 2.8% for the week. Ukraine’s sunflower and soybean harvests have begun. Ukraine is a significant player on the world sunflower oil export market. The country’s sunflower harvest is just 1% complete, with a total production of 81,700 metric tons so far. China continues to regularly draw down … Continue reading “Soybean Futures Close Down on the Week with Risk Off Commodity Selling”

Soybean Futures Get Some Relief from Short Covering on USDA Export Report Retraction

Soybean prices closed down 1.6% for the week in contrast to the other grains closing higher. However, on Friday beans posted solid gains after following other grains higher amid lingering concerns over U.S. production potential. A mishap in USDA export reports saw a short covering boost also. Continuous soybean futures closed down 1.8% Thursday and on Friday, they bounced back, with closing up 2.3%. China continues to regularly draw down its imported soybean stockpile in an attempt to boost local supplies … Continue reading “Soybean Futures Get Some Relief from Short Covering on USDA Export Report Retraction”

Wheat Futures Bounce on Short Covering but Prices Still Down 6.3% For the Week

After sliding most of the week, wheat futures closed Friday with most contracts finding gains ranging between 3% and 4% after a round of bargain buying, but still closed down 6.3% for the week. Ukraine’s 2022 wheat harvest is 91% complete, the Russian invasion has created some ongoing challenges, especially in the east and south. Ukraine’s total grain harvest could fall around 23% below 2021’s record-breaking numbers. The price direction will depend on how much wheat and corn actually comes … Continue reading “Wheat Futures Bounce on Short Covering but Prices Still Down 6.3% For the Week”