Soybean Futures Market News and Commentary
Soybeans gapped lower into the new week of trading, prices have firmed back up into the day session but are still 3 to 5 cents in the red. At the Friday close front month soybeans were fractionally to 1 1/2 cents in the black. For the week, Jan beans gained 5 1/4 cents. Meal futures traded mostly red on Friday, but closed mixed within $1.10 of UNCH. BO futures settled down by 39 to 49 points. For the week, Dec BO was up by 175 points.
USDA Weekly Export Sales data had a 9 week low for soybean bookings with 690k MT sold during the week of 11/17. Shipments were up by 20% on the week to 2.432 MMT for a season total of 16.95 MMT. That is still 20% behind last year’s pace but is 30% of the Nov WASDE full year forecast. For the products, the weekly report showed 516k MT of meal was sold – a 5-wk high, and 97 MT of net cancelations for soy oil. Traders were looking for 150k-300k MT for meal and >20,000 MT for soy oil. Accumulated bean oil exports trail last year’s pace by 80% throu... Read more