Last week’s action saw a strong meal rally (~16%) and a strong soy oil collapse (~16%) and the soybeans followed the meal. On the first trade day of this week, meal dropped 4.3% to 4.9% with >$20/ton losses while soy oil rallied back by triple digits, as much as 3.6%. Beans stuck with meal on Monday, but losses were 1.1% to 1.5% on the day.
USDA reported 1.84 MMT of soybeans were exported during the week that ended 12/8. That was down from 2.08 MMT last week but was 91,369 MT higher yr/yr. USDA also added 358k MT to past reports for a season total of 23.374 MMT. Last year had 25.518 MMT shipped during the same time.
The Philippines is looking to procure 135k MT of soymeal from optional origins via tender.
Weekly CoT data had soybean spec traders at 99,454 contracts net long as of 12/6. That was a 2,650 contract lighter net long via more new sellers than new buyers during the week. Commercial soybean hedgers were closing positions during the week, and reduced their net short by 11k contracts to 133k.
Jan 23 Soybeans closed at $14.60 1/2, down 23 1/4 cents,
Nearby Cash was $14.36 1/4, down 23 1/4 cents,
Mar 23 Soybeans closed at $14.65 1/2, down 22 3/4 cents,
May 23 Soybeans closed at $14.70 3/4, down 22 3/4 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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