Soybeans Close in Black after Pullback

Soybean futures took off on the hard open to start the short week, with March rallying 38 1/4 cents initially. Prices faded back from their initial gains, but still closed the day up by 1 to 6 3/4 cents. Meal prices closed red to start the week, with losses of $3.20 to $3.50/ton. Soybean oil futures slid from their +2 cent gains, but still went home 172 to 175 points higher. 

Weekly inspections data showed 1.753 MMT of soybeans were exported during the week that ended 12/22. That was down from 1.963 MMT last week, but near the same week last year. China was the destination for 61% of the total. USDA had the accumulated export at 27.13 MMT, compared to 19.18 MMT at the same point last season. 

StatsCan data showed canola processing in November was 12.3% above Nov ’21 – with 361k MT of oil and 516k MT of meal. 

The Buenos Aires Grains Exchange reported 61% of the soy area has been planted – trailing last year’s pace by 18% points. The exchange mentioned a possible downward revision for planted area up to 200k HA citing dryness. 

Jan 23 Soybeans  closed at $14.82 1/4, up 3 1/4 cents,

Nearby Cash   was $14.57 7/8, up 2 7/8 cents,

Mar 23 Soybeans  closed at $14.89, up 4 1/2 cents,

May 23 Soybeans  closed at $14.95 3/4, up 5 3/4 cents,