Soy Prices In Black into Friday

Soybeans are rebounding with 5 to 7 cent gains as traders square up positions for the 3-day holiday weekend. Front month soybean futures ended the session with 8 3/4 to 13 1/4 cent losses. Jan beans printed a 20 1/2 cent range on the day, spending most of the session in negative territory. Jan is currently sitting at a 12 1/4 cent loss for the week, with one day remaining. Meal prices closed with $3.80 to $4.40/ton losses on Thursday. Soy oil futures went home 51 to 82 points lower. Jan BO is still at a net 244 point gain for the week to date. 

The Export Sales report had 736k MT of soybean sales for the week that ended 12/15. That was down from 2.9 MMT sold last week and was below the expected range. USDA had the weekly export at 1.99 MMT, for a 24.93 MMT (916 mbu). That is 44.8% of the WASDE forecast.  YTD export commitments are up 4% vs. year ago, but are expected to drop off sharply in the second half. USDA expects a 5% full year drop. 

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 total.  

The BAX rates 12% of the Argentine soy crop good/ex vs. 19% last week. They rate 25% of the bean crop poor or very poor. 

Jan 23 Soybeans  closed at $14.67 3/4, down 13 1/4 cents, currently up 7 cents

Nearby Cash   was $14.43 ¾ on Thursday, down 13 3/8 cents,

Mar 23 Soybeans  closed at $14.72, down 12 1/2 cents, currently up 7 1/4 cents

May 23 Soybeans  closed at $14.75 3/4, down 11 3/4 cents, currently up 7 1/2 cents