
Soybean contracts are posting 14 to 15 cent gains in the nearby contracts on Monday’s midday, despite a weaker start overnight. Front month Soymeal futures are reverting back higher after early session weakness, as contracts are up $1.30 to $1.80. Soybean Oil futures are 40 to 57 points higher so far on the day.
US soybean shipments during the week that ended on November 16 totaled 1.609 MMT (59.14 mbu), which was a drop of 22.4% vs. last week and a 6-week low. Compared to the same week last year, they were down 35.5%. Just over 1.005 MMT was headed to China during that week, with Germany next up at 121,405 MT. Export shipments YTD to all destinations have totaled 15.913 MMT (584.8 bu), which is a 3-year low for this week and down 8.3% vs. last year.
Chinese Import data showed October bean imports totaling 5.16 MMT, with a large 4.81 MMT coming from Bazil and just 228,264 MT sourced from the US.
Javier Milei is the new president of Argentina as voters tired of high inflation and wanted to try a new direction. He has to deal with a hostile Congress and some of his sweeping proposals such as adopting the dollar as the official currency and curbing grain export taxed may take a while to be a market factor.
Weekly planting data from AgRural shows Brazil at 68% complete for soybeans, down from 80% last year. That is also the slowest start since 19/20.
Jan 24 Soybeans are at $13.54 1/2, up 14 1/4 cents,
Nearby Cash is at $12.95 1/8, up 14 7/8 cents,
Mar 24 Soybeans are at $13.70 3/4, up 14 1/4 cents,
May 24 Soybeans are at $13.83, up 14 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.