Thursday’s soy market is starting off mostly lower, with beans fractionally to 4 3/4 cents in the red, following a -5 1/2 to +3 cent overnight range. Meal and oil are also down thus far. On Wednesday Jan beans rallied as much as 11 1/2 cents, but fell back for a daily gain of 2 1/2 cents. The other front months were 1 to 4 3/4 cents higher at the close. Meal futures ended the day $3.30 to $3.60 in the black. BO futures closed mixed, but off the lows. Jan and March closed higher, with a 5 point drop in May.
Per traders, the weekly Export Sales report is expected to show between 800,000 MT and 1.25 MMT of soybeans were sold in the week ending December 15. The week’s meal sales are expected to run 150k to 300k MT. Soybean oil sales are expected to be below 10k MT.
Chinese customs data showed the PRC brought in 7.35 MMT of soybeans during November. That was down 14% from Nov ’21, with U.S. origin down by 7%. The U.S. sourced 46% of their total in November, compared to 35% from Brazil and a 42.5% share of last year’s 8.547 MMT November import total.
Jan 23 Soybeans are at $14.81, up 2 1/2 cents, currently up 5 cents
Nearby Cash is at $14.56 ¼ on Wednesday, up 2 5/8 cents,
Mar 23 Soybeans are at $14.84 1/2, up 4 3/4 cents, currently up 5 cents
May 23 Soybeans are at $14.87 1/2, up 4 1/2 cents, currently up 5 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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