Mid-Session Soy Complex Market Report
Wed 30 Jan 2013 11:31:07 CT
Related Keywords: Agriculture

The soybean complex is sharply higher midday with the March contract up 25 cents and the November contract up 19. The weather outlook for Argentina continues to look dry over the next 2 weeks with the exception of a rain event at the end of this week which will be closely monitored. Brazil conditions continue to be mostly favorable but delays to the harvest in Mato Grosso is causing vessel lineups in the ports which could shift spot demand back to the US. This could be supportive short term to the market. The US Dollar is sharply lower on the day after a worse than expected GDP report which is adding strength to the broader commodity complex. The USDA reported this morning that US exporters sold 175,000 tonnes of US soybeans to China for the 2013/14 marketing year. This was the second sale of the week to China which brings the weekly total to 395,000 tonnes. A large grain producer company in South America released production estimates this morning and pegged Brazil production at 80-81 million tonnes vs. the current USDA estimate of 82.50 million tonnes. Argentina production was pegged at 50 million tonnes vs. the current USDA estimate of 54 million tonnes.


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