Friday’s double digit losses flipped the soybean market to net red for the week’s move as beans closed down by 11 to 17 ¾ cents and left Jan at a net 5 ¾ cent loss for the week. Jan beans finished the month of November with a net 37 ½ cent gain. Soymeal futures led the way lower with 2.32% to 3.8% losses of as much as $16.90/ton on Friday. Soybean Oil closed the last trade day of the week 71 to 91 points weaker, leaving the Jan contract at a net 116 point gain for the week.
USDA confirmed two private export sales reports, with a 132k MT sale to China and a 198k MT sale to unknown destinations.
The monthly CAIR crush data showed 201.37 mbu of soybeans were processed in October, matching the trade average guess. That was a new monthly record and was up 2.4% from last year. Soybean oil stocks were shown at 1.487 billion lbs, compared to 1.6b last month and the trade average guess of 1.54 billion.
USDA reported 1.895 MMT of soybeans were sold for export during the week that ended 11/23. The season’s commitments reached 1.137 bbu, compared to 1.36 bbu at the same time last year.
StasCan will show Canadian canola and soybean production estimates on Monday, expected at 18.3 MMT and 6.8 MMT respectively.
Jan 24 Soybeans are at $13.35 1/4, down 7 1/2 cents,
Nearby Cash is at $12.79 3/8, down 6 cents,
Mar 24 Soybeans are at $13.55, down 7 1/4 cents,
May 24 Soybeans are at $13.69 1/4, down 6 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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