January 25, 2015

Soybean Commentary

01/23/2015

The bean market ended the week on a negative note as the front month March contract settle at levels not seen since the end of October. Today’s weekly export sales figure came in at a marketing year low of 14,135 tonnes. The trade had been thinking sales would fall between 400,00 and 700,000 tonnes. This was the second lowest sales for this peculiar week ever. The record low week was back in 2004. Old crop beans sales area now 92% of the USDA’s whole-year expectations and is over the 5 years average pace of 87%. Allendale believes that this year’s soybean sales are not following the traditional pattern and are being front loaded. This year’s sales are tracking close to last year. Last year we were 95% complete as of this week and fell off a cliff once the SA harvest began. In addition to the old crop sales the USDA reported that 101,234 tonnes of new crop beans were sold last week. …

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    Allendale Advisory Contributor:

    Jim McCormick

    Jim McCormick

    Jim started with Allendale in 1997 after earning an Agricultural Economics degree from Purdue University. He has been a featured speaker at several of Allendale’s Outlook Conferences.
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