After trading mostly weaker on the last trade day of the week, the bean market firmed up for a mixed close on the day. Jan futures were up by 4 cents for the day, resulting in a net weekly drop of 4 ¼ cents – after seeing nearly a 50c range. Friday’s Soybean Oil market settled with 75 to 83 point gains, leaving the Dec BO contract at a net 184 point gain for the week. Soymeal futures closed $0.50 to $2.80 weaker on Friday, limiting the Dec contract’s weekly gain to $7.30/ton.
The monthly Crop Production report from NASS raised the national average soybean yield by 0.3 bpa to 49.9 bpa. That raised production by 25 mbu to 4.129 billion. All 25 of it went to carryout, now 245 mbu. WAOB raised wold soybean production by 920k MT, but cut carry-in by 1.6 MMT (Brazil +2, China -3). Few other changes were made, for a net 1.1 MMT tighter carryout at 114.5 MMT.
The Rosario Grains Exchange reported Argentina’s soy planting was at 11% complete. Brazil’s CONAB slightly raised the soybean area upping production by 417k MT to 162.4 MMT. USDA is officially at 163k MT.
Jan 24 Soybeans closed at $13.47 1/2, up 4 cents,
Nearby Cash was $12.87 1/2, up 4 1/8 cents,
Mar 24 Soybeans closed at $13.60 3/4, up 3 1/4 cents,
May 24 Soybeans closed at $13.71 1/2, up 2 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. For more information please view the Barchart Disclosure Policy here.
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