Soybean Meal May '18 (ZMK18)
Soybean Meal Futures Market News and Commentary
Soy futures worked higher initially out of the weekend, and rallied enough to close the Friday gap lower. By midday, board action had beans in the red, where prices ultimately closed 10 3/4 to 11 3/4 cents weaker. Soymeal also faded on Monday, giving back as much as $8.50/ton in the Dec contract. Soybean oil traded 48 to 76 points weaker on the day.
The weekly Export Inspections report from USDA showed 2.142 MMT of soybeans were exported during the week that ended 11/25. That was down from 2.432 MMT last week and from 2.242 MMT during the same week last season. China, with 1.385 MMT (or 64% of the total), was the week’s top destination. USDA also added bean shipments to past reports, combining for 818,887 MT – with over half to China alone since the 10/1 report. Accumulated soybean exports are 21.123 MMT (776 mbu) for the marketing year through 11/25, which still trails last season’s 27.27 MMT (1.002 bbu) pace.
CFTC’s weekly Commitment of Traders update showed soybean... Read more
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Selling off from a new contract high does not bother me too awful much. I think the market needed this little pull back in price.
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