So far in this holiday week soybean prices are off their initial lows and trading 2 1/4 to 4 1/4 cents higher. Meal futures have also bounced into midday with $3.30 to $3.40 gains. The soy oil futures fell into the day session with midday losses of 62 to 65 points so far.
Weekly FGIS Inspections data had 2.33 MMT of soybean exports during the week that ended 11/17. That was a 19% increase over last week, but was down 7% from the same week last year. USDA had 53% shipped via the Gulf and another 35% via the PNW. China was the top destination with 75% of the total. MYTD soybean shipments reached 17.128 MMT as of 11/17, a 2.01 MMT decline from last year’s pace.
China imported 2.8 MMT of soybeans in October, a 500k MT drop from October ’21. Shipments from Brazil fell 15%, while the U.S. sourced beans were mostly flat yr/yr with 773k MT. China Custom’s data confirmed 49.3 MMT of soybeans were brought in YTD, down from 2021’s 52.75 MMT total.
Reports on the wire suggest Egyptian buyers are looking for veg oil via tender with January delivery. Argentina seeks to re-instate their favorable FX rate for soybeans beginning December in order to stimulate more rapid exports.
Jan 23 Soybeans are at $14.33, up 4 3/4 cents,
Nearby Cash is at $14.09 1/1, up 5 1/4 cents,
Mar 23 Soybeans are at $14.37 1/4, up 4 cents,
May 23 Soybeans are at $14.43 1/2, up 3 3/4 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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