Beans started the new year with sharp losses. New crop futures ended the day with a 19 3/4 cent loss in November, while the nearby contracts dropped >30 cents. That reversed most of last week’s gains for the March contract. Soymeal fell on Tuesday as well, closing 1.2% in the red. BO futures closed near their lows for the day on 1.3% to 1.6% losses.
The monthly Fats and Oils data showed crushers used 189.464 mbu of soybeans during November. That was a 3.6% drop from October and a 0.6% lighter crush than Nov ’21. Through Q1, 553.69 mbu of soybeans were crushed. That is 2.05 mbu ahead of last season’s pace – with the Dec WASDE forecasting a 41 mbu increase yr/yr. The MYTD pace is 24.7% of the current forecast, needing a 188 mbu/month pace.
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 inspections reached 28.62 MMT, down 7.1% from last year’s pace.
Brazilian export data showed 2.019 MMT of soybean exports for December. That compares to 2.712 MMT for Dec of ’21.
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 closed at $14.87 1/4, down 32 cents,
Nearby Cash was $14.60 5/8, down 29 1/2 cents,
Mar 23 Soybeans closed at $14.92 1/4, down 31 3/4 cents,
May 23 Soybeans closed at $14.99, down 31 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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