Beans Rallying into Wednesday Day Session

Overnight soy action has the market mixed on higher meal and oil. Beans worked one directionally through the night trade, sitting at overnight highs of +13-17 cents for the day session. Soybean futures surged on the Tuesday open,  with March rallying 38 1/4 cents initially. Prices gave back most of their initial gains on suspected Brazilian producer sales (weak Real), 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 >200 point 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 29.18 MMT at the same point last season. 

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

The Buenos Aires Grains Exchange reported 61% of the Argentine 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.  Crop analyst Cordonnier reduced projected Argentine soybean production to 43 MMT, down 2 MMT from previous and vs. USDA at 49.5 MMT in December.

Jan 23 Soybeans  closed at $14.82 1/4, up 3 1/4 cents, currently up 16 1/4 cents

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

Mar 23 Soybeans  closed at $14.89, up 4 1/2 cents, currently up 15 1/2 cents

May 23 Soybeans  closed at $14.95 3/4, up 5 3/4 cents, currently up 15 3/4 cents