Soybean futures closed lower on Monday, with losses ranging from 7 to 15 ½ cents across most contracts. The national average cash bean price dropped 13 1/4 cents to $9.76 1/2. Soymeal futures declined $3.10-5.40, while soy oil futures increased 32 to 58 points. On Friday night, 33 deliveries were issued against soybeans, with 2 for January bean meal.
This morning's Crop Production report from NASS indicated the soybean yield remained at 53 bushels per acre, unchanged from November. Harvested acreage rose slightly to 80.4 million acres, pushing production up 9 million bushels to 4.262 billion bushels.
Quarterly Grain Stocks data revealed soybean stocks at 3.29 billion bushels as of December 1. This figure was 190 million bushels higher than last year and 40 million bushels above analysts' estimate of 3.25 billion bushels.
In the WASDE report, USDA adjusted exports down 60 million bushels to 1.575 billion bushels and increased crush by 15 million bushels to 2.57 billion bushels. These changes raised U.S. ending stocks by 60 million bushels to 350 million bushels.
USDA's FGIS reported soybean export shipments at 1.529 million metric tons for the week ending January 8. This was the second largest total this marketing year, 55.4% higher than the previous week and 12.7% above the same week last year. China received 901,118 metric tons, with 126,235 metric tons going to Mexico. Since September 1, marketing year exports total 17.934 million metric tons, 42.7% lower than the same period last year.
AgRural estimated the Brazilian soybean crop was 0.6% harvested by last Thursday, slightly above last year's 0.3% pace. USDA raised its Brazilian soybean production estimate by 3 million metric tons to 178 million metric tons in today's WASDE report.
Closing prices for soybean futures included January at $10.33, down 15 1/2 cents; nearby cash at $9.76 1/2, down 13 1/4 cents; March at $10.49, down 13 1/2 cents; and May at $10.61 3/4, down 12 3/4 cents.