So far for Friday the soy complex is again mixed, but this time meal is leading the way with 1.7% gains. Beans are up double digits with 0.6% to 0.98% gains, while BO is down triple digits. Markets will be closed Monday due to New Years. Beans ended Thursday 8-10 cents off their highs, but still 1 3/4 to 2 1/2 cents in the black. Thursday’s gains were led by soy oil which closed 0.9% to 2.1% higher. Meal futures pulled back on Thursday with $2.20 to $3.20/ton losses.
Today is FND for January futures contracts. There were zero deliveries against Jan meal or Jan soybeans. There were 779 contracts put out against Jan BO, all by a JPM commercial client. There were various stoppers. The oldest outstanding soybean long is dated 5/18/22, with the oldest meal long dated 7/22/22.
Going into the weekly Export Sales report, analysts expect between 500,000 and 900,000 MT of soybeans were sold during the week that ended 12/22. New crop bookings are expected to be below 50k MT. For meal, analysts anticipate USDA will show between 125k and 300k MT of sales. BO bookings are expected to be below 30k MT.
Jan 23 Soybeans closed at $15.08 3/4, up 2 1/4 cents, currently up 14 3/4 cents
Nearby Cash was $14.83 on Thursday, up 1 7/8 cents,
Mar 23 Soybeans closed at $15.16 1/4, up 2 cents, currently up 12 1/2 cents
May 23 Soybeans closed at $15.23 1/4, up 2 cents, currently up 12 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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