Beans Rally Hard into the Close

Soybeans bounced from a weaker start to the Monday session, with contracts pushing higher into the close, up 12 ¾ to 27 cents across the board. Front month Soymeal  futures pulled out of the early weakness to post $1.80 to $6.90/ton gains on the day.  Soybean Oil futures were 90 to 124 points higher.

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  closed at $13.67 1/4, up 27 cents,

Nearby Cash   was $13.07 3/8, up 27 1/8 cents,

Mar 24 Soybeans  closed at $13.83 1/4, up 26 3/4 cents,

May 24 Soybeans  closed at $13.95, up 26 cents,