Soybean futures are trading fractionally to 1 1/4 cents higher so far for the Tuesday session. Meal futures are lower, but losses are limited to $1.50 so far. Soybean oil prices are leading the complex again, with a 103 to 117 point midday gain across the front month contracts. Crude oil sold off hard on Monday, but rallied into the close and is holding firm today.
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 are at $14.38, up 1 1/4 cents,
Nearby Cash is at $14.15 7/8, up 1 5/8 cents,
Mar 23 Soybeans are at $14.43 1/4, up 1 1/2 cents,
May 23 Soybeans are at $14.49 3/4, up 1 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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