Front month soybean futures closed Wednesday with 2 to 6 1/4 cent gains. Jan futures spent time on both sides of UNCH, having printed a -7c to +11 1/4c range for the day. For the week, Jan is sitting at a net 7 3/4 cent gain. Soybean futures saw lighter OI in the Jan contract this week, but as a whole the front months were only 648 contracts lighter through Tuesday. Jan dropped 6k contracts through the week.Â
The products closed 0.2% to 0.6% higher in meal, and 0.9% to 1.45% higher in the soy oil on Wednesday. Canadian Canola Prices were $6 CAD/MT lower to $829.10. Jan canola has dropped $55.8 CAD/MT since becoming the lead month contract.
USDA reported a large export sale of 110k MT of soybeans to China this morning under the daily system. That’s about 4 million bushels.Â
Brazil’s National Energy Policy Council decide to keep the mandatory 10% biodiesel blend through March 31 – with an anticipated increase to a 15% blend beginning in April. That increase in consumption had been rumored to begin in January.Â
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Jan 23 Soybeans  closed at $14.36, up 6 1/4 cents,
Nearby Cash  was $14.13, up 6 1/2 cents,
Mar 23 Soybeans  closed at $14.42, up 5 1/2 cents,
May 23 Soybeans  closed at $14.48 3/4, up 5 1/4 cents,
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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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