The soy complex closed mixed as meal futures missed out. Soymeal futures were the weak link, falling $3.60 to $8.40 across the front months. Beans were up by 1% on the day, helped by the strong soy oil market. Soybean Oil futures rallied back on Tuesday by 2.7% to 3.7%. January Crude Oil futures were 2% stronger on their Turnaround Tuesday.Â
StatsCan data had showed Canadian canola crush was 974k MT in October. Their season total, is 2.726 MMT, and 17.9% ahead of last year. Canadian Canola Prices are $11 CAD stronger on the day.Â
Estimates ahead of StatsCan show traders are looking to see a canola crop of 18.3 MMT, compared to 17.4 last year and USDA’s official 17.8 MMT figure. The full range of estimates is from 17.2 to 19.7 MMT.
USDA announced a private export sale for 123,300 MT of soybeans to unknown this morning.Â
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.Â
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Jan 24 Soybeans  closed at $13.46 1/2, up 16 3/4 cents,
Nearby Cash  was $12.88 1/2, up 17 1/2 cents,
Mar 24 Soybeans  closed at $13.64 3/4, up 16 1/2 cents,
May 24 Soybeans  closed at $13.78 1/4, up 16 1/2 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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