Soybean Futures Market News and Commentary
Overnight action in the soy market pushed prices 4 to 5 cents lower. Soybean futures were also lower on Monday, by 4 3/4 to 5 cents lower. Preliminary open interest rose 6,376 contracts on the increased selling interest. Soybean meal futures were $0.50/ton lower, and soy oil futures closed 50 points lower on weakness in diesel prices. Malaysian palm oil is down more than 10% from its recent high, with shipments to India sharply lower and sales in China at some risk. The weekly Export Inspections report from the USDA showed soybean shipments for the week ending 01/23 were 1.039 MMT. That is down 167,300 MT from last week, but is 9.97% more than the same week last year. MYTD soybean shipments are 25.215 MMT, compared to last year at this time with 20.485 MMT. According to AgRural, Brazilian soy harvest is now 4.2% completed, up from less than 2% last week but trailing the 13% pace from one year ago.
--- provided by Brugler Marketing & Management