
Soybeans gapped lower into the new week of trading, prices have firmed back up into the day session but are still 3 to 5 cents in the red. At the Friday 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.
USDA 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 full year 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%. Argentina is re-instituting the soy dollar preferential exchange rate in an attempt to stimulate more bean exports from that country before year end. The preferential rate expires 12/31.
Jan 23 Soybeans closed at $14.36 1/4, up 1/4 cent, currently down 3 1/4 cents
Nearby Cash was $14.11 ¾ on Friday, down 2 3/8 cents,
Mar 23 Soybeans closed at $14.42 1/4, up 1/4 cent, currently down 3 1/4 cents
May 23 Soybeans closed at $14.49 3/4, up 1 cent, currently down 3 1/4 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.