Following some light overnight selling, the soybean market is fractionally mixed – but near the highs into the day session. Yesterday, beans bounced back from early weakness and ended Monday with 5 to 8 1/2 cent gains. Soymeal faded from the intra day highs, but still closed $1 to $2.30/ton higher. Front month soy oil prices were 12 to 26 points higher at the bell.
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 Brazilian soybeans were brought in YTD, down from 2021’s 52.75 MMT total. Imports from the US for the calendar YTD are 20.1 MMT.
Jan 23 Soybeans closed at $14.36 3/4, up 8 1/2 cents, currently up 1 cent
Nearby Cash Soybeans were $14.13 on Monday, up 9 3/8 cents,
Mar 23 Soybeans closed at $14.41 3/4, up 8 1/2 cents, currently up 1/2 cent
May 23 Soybeans closed at $14.48, up 8 1/4 cents, currently up 3/4 cent
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.
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
