Soybean prices are mostly higher for midday, with Jan up by 7 cents and well into the delivery process. The other nearby contracts are trading within 5 cents of UNCH as the new crop futures are in the red. Meal prices are off their lows, but are still $3 to $6.50/ton in the red. BO prices are trading with gains of 30 to 45 points through midday.
Weekly Inspections data showed 1.438 MMT of soybeans were shipped through the week that ended 1/05. That was down by 37k MT from the prior week, but was up by 452k MT from the same week last year. USDA listed the Gulf as the top bean export region for the week, with China as the top destination. Accumulated soybean exports were listed as 30 MMT according to the weekly data, that is a 5.3% lag from last year’s pace.
The Rosario Grains Exchange showed that 2.5m HA of soybeans in the “zona nucleo” are in poor condition, with another 600k HA of the same zone in very poor condition. Total Argentine plantings were listed at 17.1m HA, but Rosario Grains Exchange hinted at upcoming reductions.
Jan 23 Soybeans are at $15.08 1/2, up 7 cents,
Nearby Cash is at $14.62 5/8, up 1 5/8 cents,
Mar 23 Soybeans are at $14.94, up 1 1/2 cents,
May 23 Soybeans are at $14.99 1/4, up 3/4 cent,
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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