So far into the Tuesday market for soy, the whole complex is in the black – suggesting a pause from meal/oil spreading. Meal prices are $3/ton higher, oil is up by 83 to 103 points, with Tuesday soybeans gaining 6 to 8 1/2 cents. 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. There was some modest net new selling interest in the beans, with preliminary open interest rising 1,961 contracts.
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.
Jan 23 Soybeans closed at $14.60 1/2, down 23 1/4 cents, currently up 8 1/2 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, currently up 8 1/2 cents
May 23 Soybeans closed at $14.70 3/4, down 22 3/4 cents, currently up 8 1/2 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.
