Preliminary OI data confirmed yesterday’s soybean weakness was net new selling, rising 5,433 contracts. Futures are currently back up by 4 to 8 cents into Friday’s AM session. Meal prices are $1.90 to $2.20 in the black while BO is up by as much as 65 points so far.
Soybean futures ended the day 11 3/4 to 12 3/4 cents in the red, as Jan printed a 25 cent range on the day. Meal stayed weaker as well with $0.90 to $1.50/ton losses to close. BO futures closed off their lows, but again led the complex lower on 156 to 195 point losses. The soyoil weakness was also long liquidation.
US weekly soybean export sales totaled 3.03 MMT in the week ending 11/10. That was double the same week last year. It was also the largest weekly soybean sales total since September 17, 2020. China was the top buyer for the week with 1.54 MMT. Total soybean commitments, at 35.984 MMT, are staying 4% ahead of last year’s pace.
Soymeal sales were 267k MT, up by 57% from last week and 46% above the same week last year. Commitments were 4.4 MMT as of 11/10, which is 14% behind last year’s pace.
The IGC raised their world soy production outlook by 2 MMT to 388 MMT. Global trade was upped by 1 for an unchanged 54 MMT carryout.
Bolsa de Cerales projected Argentina’s soy crop at 47.8 MMT for the 22/23 season, down 2% from their prior forecast, citing the dry and delayed start.
Jan 23 Soybeans closed at $14.17, down 12 1/4 cents, currently up 7 3/4 cents
Nearby Cash was $13.92 7/8 on Thursday, down 12 1/8 cents,
Mar 23 Soybeans closed at $14.22 1/4, down 12 1/2 cents, currently up 7 1/4 cents
May 23 Soybeans closed at $14.28 1/2, down 12 1/4 cents, currently up 7 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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