Soy Gaining for Tuesday

Soybeans are trading 4 to 7 cents higher, with meal up by $2 to $5 and soy oil 40 points in the black as the soy complex pushes upward into Tuesday. Beans were mixed at the close, with front months fractionally to a penny weaker and other contracts steady to a penny higher. CME’s Open Interest data showed 5k fewer soybean futures in play with 29k new options opened (+7.4k new calls and +21.4k new puts). The product values tried to help the bulls out, as front month Soymeal futures were up $1.10 to $2.50/ton and back months down 40 cents to $1.50. Soybean Oil futures were 35 to 77 points lower across the board. 

Export Inspections data released yesterday morning showed soybean shipments at 1.44 MMT (53 mbu) in the week that closed out on November 23. That was a drop of 11.5% from the week prior and down 35.3% vs. the same week in 2022. Of that total, more than half (872,099 MT) was headed to China, with 132,782 MT headed to Germany. Soybean export inspections this marketing year have totaled 17.45 MMT (641.3 mbu), a decline of 10.9% from last year. 

CFTC data from Monday afternoon indicated managed money in soybean futures and options backing off 6,326 contracts from their net long as of 11/21 to 81,587 contracts. 

AgRural shows the Brazilian crop at 74% planted as of last Thursday, which now is behind last year’s pace by 13% and is the slowest pace for this week since the 15/16 crop year. 

Jan 24 Soybeans  closed at $13.29 3/4, down 1 cent, currently up 6 1/2 cents

Nearby Cash   was $12.70, down 1 cents,

Mar 24 Soybeans  closed at $13.48 1/4, down 1/2 cent, currently up 6 1/4 cents

May 24 Soybeans  closed at $13.61 3/4, down 1/4 cent, currently up 6 cents