Beans stayed in the black for the bell, but dropped over a dime from the Friday highs. At the close front month soybeans were fractionally to 1 1/2 cents in the black. For the week, Jan beans gained 5 1/4 cents. Meal futures traded mostly red on Friday, but closed mixed within $1.10 of UNCH. BO futures settled down by 39 to 49 points. For the week, Dec BO was up by 175 points.
Chinese futures Dalian No2 Soybean Prices were 45 yuan off their high, but still up 61 yuan on Thursday while US markets were closed for Thanksgiving. On Friday the Jan No.2 contract was 194 yuan higher to 5,036 – a 2-wk high.
Weekly Export Sales data had a 9 week low for soybean bookings with 690k MT sold during the week of 11/17. Shipments were up by 20% on the week to 2.432 MMT for a season total of 16.95 MMT. That is still 20% behind last year’s pace but is 30% of the Nov WASDE forecast. For the products, the weekly report showed 516k MT of meal was sold – a 5-wk high, and 97 MT of net cancelations for soy oil. Traders were looking for 150k-300k MT for meal and >20,000 MT for soy oil. Accumulated bean oil exports trail last year’s pace by 80% through the first month and a half.
BAGE reported 29.4% of Argentine soybeans were planted as of 11/23, trailing last year by nearly 20%.
Jan 23 Soybeans closed at $14.36 1/4, up 1/4 cent,
Nearby Cash was $14.11 3/4, down 2 3/8 cents,
Mar 23 Soybeans closed at $14.42 1/4, up 1/4 cent,
May 23 Soybeans closed at $14.49 3/4, up 1 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.
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