
Monday soy prices are working mostly higher so far, with 0.4% gains in beans and 0.3% gains in meal, though BO is down by 3-5 points. On the last trade day of the week beans gained 8 1/4 to 10 1/2 cents, leaving Jan with a net 2 1/4 cent gain from Friday to Friday. Meal stayed up on the week, with Friday’s front month gains of $2.50 to $3.60/ton keeping the Jan contract at a net $17.80 gain for the week. Soybean oil was pressured midweek from EPA proposed biofuel production mandates. Friday’s 1.1% to 3.2% losses kept BO down a net 650 points (9%) for the week.
The were 13 contracts issued for delivery against December meal over the weekend, with 1 contract of soy oil. The old long for meal is dated 11/23, and the oldest long for Dec BO is 11/21.
The Commitment of Traders report showed managed money was 102,104 contracts net long in soybeans as of the 11/29 settle. That was a 20k contract increase through the week, mostly fueled by net new buying. Commercial soybean traders added 12k short hedges, with 4k fewer longs, for a net short of 144,388 contracts. Managed money firms were also net buyers in meal and soy oil through the week that ended 11/29.
StatsCan reported 2022/23 canola output at 18.174 MMT. That was down nearly 1 MMT from their September report. Last year’s drought stricken crop was 13.757 MMT, and 2020/21 was 19.48 MMT. Canadian soybean production is now forecasted at 6.543 MMT, nearly UNCH from Sept.
China is set to auction 500k MT of imported soybeans on 12/9. StoneX estimates the Brazilian soy crop 737k MT higher than previous estimates at 155 MMT. Private firm Datagro updated their estimate to 153.3 MMT.
Jan 23 Soybeans closed at $14.38 1/2, up 8 3/4 cents, currently up 6 1/4 cents
Nearby Cash was $14.16 5/8 on Friday, up 8 1/2 cents,
Mar 23 Soybeans closed at $14.46 1/2, up 9 3/4 cents, currently up 5 1/4 cents
May 23 Soybeans closed at $14.54, up 9 1/2 cents, currently up 7 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.