Jan-22 soybean futures exited the board at $13.5675 per bushel. For Mar-22, futures ended last week lower at $13.6975, down by nearly $0.40 per bushel from the previous Friday.
S&D and fundamental factors
In last week’s WASDE, USDA raised U.S. soybean ending stocks by 10 million bushels to 360 million due to a likewise improvement to production—placing stocks to use at 8 percent (vs. 5.7 percent in 2020/21).
Domestic soybean oil production was raised by 175 million pounds, all of which was added to expected export demand. Globally, soybean oil ending stocks were increased to 4.19 MMT with a STU of 5.7 percent—down from 6 percent in 2020/21. Global vegetable oil stocks were also lowered to 23.73 MMT, down by nearly 1 MMT from the prior marketing year.
The Argentine Grain Exchange lowered its soybean production forecast to 40 MMT vs. USDA’s revised forecast at 46.5 MMT. South America has been experiencing record-setting heat with temps upward of 100˚F, leading to declines in estimated production for Argentina and Brazil.
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.