Soybeans are starting the day session with 2 to 5 cent losses on Friday. March is at the overnight low, after essentially an 8c range +/-4c overnight. Beans returned to the downside after a bounce back on Wednesday. Futures ended Thursday with 4 ¾ to 9 ½ cent losses. March prices sit at a net 30 ½ cent loss for the week’s move as we roll into Friday. Soymeal futures also ended the day near the lows with 0.7% to 1.1% losses. March soymeal is at a net $9.80 loss for the week, and has dropped $69/ton since the mid-Nov high. Soy oil futures closed down by 40 points with 0.9% losses.
There were 100 deliveries against January soy meal overnight from JPM customers to StoneX customers. There were 36 contracts put out against January soy oil, with Bunge stopping 15 for the house. Soy futures found a strong stopper, and delivery notices only totaled 22 for 1/8/24. Preliminary open interest for Thursday showed some net new selling, rising 2,512 contracts.
An Indiana soy crush facility owned by Bunge is temporarily offline due to damaged gas lines.
Weekly soybean export bookings are estimated between 500k MT and 1.3 MMT for the week that ended 12/28. Traders are looking for soymeal export sales to come in between 50k MT and 400k MT. The week’s soy oil bookings are expected to be below 10k MT.
Local sources show Argentine soybean planting is 86% complete, a little behind last year’s drought accelerated 94% pace. Crop condition is rated 42% good/ex, and improved from the previous week.
Jan 24 Soybeans closed at $12.62, down 7 1/2 cents, currently down 3/4 cent
Nearby Cash was $12.12 1/1, down 9 1/2 cents,
Mar 24 Soybeans closed at $12.67 1/2, down 9 1/2 cents, currently down 3 1/4 cents
May 24 Soybeans closed at $12.76 1/2, down 8 1/2 cents, currently down 3 1/4 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.
