Soy Futures Mixed this Morning

Current board prices are mixed with recovery in the meal and the beans, and additional pressure in the soy oil so far for Wednesday. Beans started the new year with sharp losses. Preliminary OI data confirmed it was net new selling, with a bean OI increase of 13.7k contracts, and an additional 12k new options – mostly Feb (serial) and March Puts, and Nov ’23 calls. New crop futures ended the Tuesday 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. 

There were 0 deliveries against January meal, with the oldest long dated 12/16/22. There were 20 put out against Jan BO, stopped by the ADM house account. There were 16 deliveries against Jan beans, stopped by an SG Americas customer. 

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 inspections totaled 1.46 MMT during the week that ended 12/29. The accumulated inspections reached 28.62 MMT, down 7.1% from last year’s pace. 

Brazilian data showed 2.019 MMT of soybean exports for December. That compares to 2.712 MMT for Dec of ’21. 

Jan 23 Soybeans  closed at $14.87 1/4, down 32 cents, currently up 7 cents

Nearby Cash   was $14.60 5/8 on Tuesday, down 29 1/2 cents,

Mar 23 Soybeans  closed at $14.92 1/4, down 31 3/4 cents, currently up 4 1/4 cents

May 23 Soybeans  closed at $14.99, down 31 cents, currently up 4 1/2 cents