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
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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