Front month soy prices are mixed, with beans and meal gaining to soy oil’s weakness. Soybean prices are 8 1/2 to 14 cents higher and just 3-5 cents off their daily highs. March, May, and July beans are over the $15 mark, with Jan testing there. Meal is the leader of the complex through midday, with gains of as much as 3.15% so far. Soy oil is down 2.2% to 3% on triple digit losses.
The capped Malaysian palm export tax will remain at 8% through January. Their system, since Jan 2021, has a scaled tax level which is 8% above 3,450 ringgits (starting at 3% for 2,250-2400 ringgits).
Brazilian soy exports are forecasted as 1.715 MMT for December according to Anec. That is a light drop from their prior forecast.
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.
Jan 23 Soybeans are at $14.96 3/4, up 14 1/2 cents,
Nearby Cash is at $14.71 1/2, up 14 1/2 cents,
Mar 23 Soybeans are at $15.04 1/4, up 15 1/4 cents,
May 23 Soybeans are at $15.11, up 15 1/4 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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