Soybeans were lower on profit taking and technical selling, along with spillover from the broader market. There is some rain in the near-term forecast for parts of Argentina, but overall coverage is expected to be scattered and not nearly enough to alleviate the dry conditions in most areas.
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The USDA’s FAS lowered its outlook for Argentina’s soybean crop to 36 million tons, a drop of 9.5 million from the most recent supply and demand report, with the next projection out February 8th. That could open the door for improvements in U.S. soybean and soybean product export sales as Argentina is normally the world’s biggest exporter of meal and oil. Brazil’s harvest is slower than average due to rain delays in some areas but remains on pace for record production. The dollar, Dow, and crude oil were all lower during Wednesday’s commodity session ahead of the Federal Reserve raising interest rates by 0.25%. The Dow did end the day with a firm gain after the release of the numbers. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. Bean oil had additional pressure from the drop in crude oil. The USDA says December’s soybean crush was 187 million bushels, 2 million less than November and 11 million below December 2021, due in part to reduced ...
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