The soy complex traded mixed to tighten crush margins on Tuesday. Meal futures ended with 0.7% to 1.23% losses, while soy oil bounced back from midday lows to close mixed. Soybeans traded mostly higher, in a -8 1/4 to +11 1/4 cent intraday range (Jan). At the close prices were 1 to 5 cents in the black.
Brazil has 87% of soybeans planted according to the AgRural. AgRural estimates their total production at 150.5 MMT.
Canadian Canola Prices ended the day with $17-$18 CAD/MT (2.2%) gains in the front months. Analyst estimates ahead of StatsCan production data show canola is expected to be between 18.6 MMT and 20.5 MMT vs. September’s 19.1 MMT estimate. The average guess is for a 100k MT boost. Soybean production estimates range 6.3 to 6.8 MTM from 6.5 MTM in September’s report, the average is to see no change.
Argentina’s government announced a new soybean exchange rate (soy dollar) for export sales effective from 11/28 through 12/31. They will also reduce the export tax on the products by 2%.
Jan 23 Soybeans closed at $14.59 1/2, up 2 1/4 cents,
Nearby Cash was $14.37 1/4, up 2 5/8 cents,
Mar 23 Soybeans closed at $14.66, up 3 1/4 cents,
May 23 Soybeans closed at $14.74, up 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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