Soybeans will resume trading at 8:30 AM CST. Dalian’s No.2 soybean prices, China’s import quality, were mostly higher on Monday with front month gains of 30 to 90 yuan/MT. Soybean futures added 1 1/2 cents to the new crop November contract and 10 1/2 cents to the Jan contract. For the week, Jan beans rallied 40 cents. Meal futures were up $23/ton for the week, led by Friday gains of $10 to $14/ton. The front months set new contract highs on the day. BO prices pulled back on Friday with triple digit losses of as much as 3.9%. For the week, Jan soy oil was down by 212 points.
Front month soybean futures were up $1.90 1/2 for calendar year 2022. January beans were at a discount in December 2021 and rose $2.49 ¾ for the year.
There were again no deliveries against Jan soy meal. There were 655 put out against Jan Bow ith all but 1 stopped by ADM for the house account. The rally to multi-month highs did attract 93 deliveries against Jan beans, by a JPM customer. Most (69) were stopped by ADMIS customers.
The weekly CFTC report showed soybean spec traders were 128,616 contracts net long as of 12/27. That was 5,047 contracts higher for the week on net new buying. Commercial soybean hedgers closed 33,591 contracts during the week, leaving them 1,703 contracts more net short at 163,130.
The Buenos Aires Grains Exchange showed 500k HA (~1.2m acres) of soy area could be abandoned due to drought. BAGE maintained the 16.4m HA area as their forecast, but mentioned planting pace is 9.2% points behind last year at 72% finished.
Traders expect USDA will show November US soy crush at 190.2 mb (average guess) this afternoon vs. 196.6 mb in October and 190.6 mb in Nov 2021. Oil stocks ideas are running at 2.203 bil lbs vs. 2.094 bil lbs at the end of Oct and 2.406 bil lbs in Nov
2021.
Total old crop export sales commitments are 3.4% ahead of last year’s pace with 43.108 MMT.
Jan 23 Soybeans closed at $15.19 1/4, up 10 1/2 cents,
Nearby Cash was $14.93 ½ on Friday, up 9 1/2 cents,
Mar 23 Soybeans closed at $15.24, up 7 3/4 cents,
May 23 Soybeans closed at $15.30, up 6 3/4 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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