Soybeans Market News and Commentary

Soybean futures are currently 3 cents higher after seeing fractional to 1 1/4 cent gains in most contracts on Wednesday. Soymeal futures were up 80 cents/ton, with soy oil 1 point lower. Weakness in the meal has put downward pressure on product value and forced soybeans lower to keep crush spreads attractive. Celeres is the latest Brazilian firm to cut their country’s soybean production estimate, down 4.9 MMT to 117.2 MMT. Imea estimates that Mato Grosso soy harvest is 5.6% completed. Parana is about 10% done vs. 5% last week and none in 2018. USDA is/was using 2017 as an analog year but not 2018. USDA Sec. Perdue announced several FSA offices will be open Thursday, Friday, and next Tuesday for assistance with “loans and other limited services.”

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