Soy Market Down more than 1%

So far for the Tuesday soy trade the board is in the red. Meal futures are the weak link for the complex, with 1.5% to 2.1% losses. Soybean oil is 30 to 60 points weaker at midday. Beans are giving back 1.5% to 2% through midday on 20-30 cent losses. 

Brazil’s new Ag Minister made his first speech in office, mentioning the country will have doubled grain area over 20 years with no deforestation, if this year secures a 5% planting increase from degraded pasture lands. Carlos Favaro also mentioned intentions to build government stockpiles of corn, rice, and beans to obtain national food security, planning to expand CONAB and use them to track the stockpiles. 

USDA reported the weekly soybean export was 1.46 MMT during the week that ended 12/29. That was down from 1.77 MMT last week and compares to 1.62 MMT during the same week last year. China was the top destination with 908k MT (~62%). The accumulated export reached 28.62 MMT, down 7.1% from last year’s pace. 

Private firm AmSpec Agri. reports Malaysian palm oil exports were 1.499 MMT during November, a 2.8% lighter volume from October. Full year shipments through November totaled 15.43 MMT, trailing 2021’s pace by 6.65%. 

Jan 23 Soybeans  are at $14.89 1/4, down 30 cents,

Nearby Cash   is at $14.60 1/4, down 29 cents,

Mar 23 Soybeans  are at $14.92 1/2, down 31 1/2 cents,

May 23 Soybeans  are at $14.99 3/4, down 30 1/4 cents,