
Overnight action saw soybeans work nearly a dime higher, but topped out near 3AM central. Current prices are 3-4 cents in the red into Wednesday’s day session. The soy oil market continued to lead the complex on Tuesday, with another 71 to 84 points added to the bounce across the front months. Jan BO is 450 points under the high on 11/11 – which itself was under the contract high by just 284 points. The meal futures dropped $2.40 to $3/ton on the board on Tuesday, pressuring bean prices 2 1/4 to 7 cents lower on the day.
The US futures markets will be closed on Thursday and will resume trading at 8:30 CST on Friday morning for an abbreviated session.
Soybeans show a 6 3/4 cent carry from Jan to March and another 7 cents to May. New crop Nov remains a 53 1/2 cent discount to the spot Jan board price. That compares to a 59 1/2 cent discount Nov-Nov when Nov ’22 rolled off the board.
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 hit 20.1 MMT.
Jan 23 Soybeans closed at $14.29 3/4, down 7 cents, currently down 3 1/4 cents
Nearby Cash was $14.07 5/8 on Tuesday, down 6 1/2 cents,
Mar 23 Soybeans closed at $14.36 1/2, down 5 1/4 cents, currently down 3 1/2 cents
May 23 Soybeans closed at $14.43 1/2, down 4 1/2 cents, currently down 3 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.