Soybean Futures Market News and Commentary
The soy complex closed mixed as meal futures missed out. Soymeal futures were the weak link, falling $3.60 to $8.40 across the front months. Beans were up by 1% on the day, helped by the strong soy oil market. Soybean Oil futures rallied back on Tuesday by 2.7% to 3.7%. January Crude Oil futures were 2% stronger on their Turnaround Tuesday.
StatsCan data had showed Canadian canola crush was 974k MT in October. Their season total, is 2.726 MMT, and 17.9% ahead of last year. Canadian Canola Prices are $11 CAD stronger on the day.
Estimates ahead of StatsCan show traders are looking to see a canola crop of 18.3 MMT, compared to 17.4 last year and USDA’s official 17.8 MMT figure. The full range of estimates is from 17.2 to 19.7 MMT.
USDA announced a private export sale for 123,300 MT of soybeans to unknown this morning.
AgRural shows the Brazilian crop at 74% planted as of last Thursday, which now is behind last year’s pace by 13% and is the slowest pace for t... Read more