Soy bulls came back to life over the weekend and are pushing bean futures 11 ¼ to 23 ½ cents higher through midday. The Jan contract is trading 7 cents under the session high. Soymeal futures are rallying 1.6% so far through midday. Soybean Oil futures are also 1.1% in the black so far.
USDA announced a private export sale for 132k MT of soybeans to unknown destinations via mandatory announcement this morning.
The weekly Export Inspections report had 984k MT of soybean shipments for the week that ended 12/07. That was down from the 1.17 MMT last week and from the 1.88 MMT during the same week last year. The season’s total export trails last year’s pace by 16% with 19.7 MMT shipped.
The WAOB trimmed global soy production by 1.5 MMT, mainly via a 2 MMT cut to Brazil. Chinese import demand was upped by 2 MMT to 102 MMT for 2023/24. Safras and Mercado revised their Brazilian soybean production forecast 3.2 MMT lower to 158.2 MMT citing northern dryness.
Jan 24 Soybeans are at $13.27 3/4, up 23 3/4 cents,
Nearby Cash is at $12.73 5/8, up 24 1/4 cents,
Mar 24 Soybeans are at $13.45 3/4, up 22 3/4 cents,
May 24 Soybeans are at $13.58 3/4, up 21 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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