Beans Extend the Rally

The domestic soy rally continued through Thursday, with beans having gained another +30 cents! For March beans that brought prices to within 16 cents of the LOC high set last May, while the other contracts set new LOC highs. For new crop November, that new life of contract high is $13.25/bu. Soymeal futures closed the Thursday session $2.50 to $3.10/ton higher. Soy oil futures extended their rally another triple digits with 3.4% to 3.57% gains. For May and July soy oil, that was enough to set new highs, but March stayed 33 points under the existing October high. 

Malaysian Palm Prices  set new highs on Thursday, up 36 ringgits to 5,363/MT. The March Canadian Canola Prices extended the rally though Thursday, and are now $21 CAD/MT off their LOC high. European Rapeseed Futures were also stronger on Thursday, though prices there are still 9% from their Jan 7 high. 

Pre-report estimates for US soybean export sales range from 600,000 MT to 1.2 MMT for the week that ended 1/13. New crop bean sales are expected to be reported between 100k and 300k MT. For the products, the trade is looking for FAS to report 100k-300k MT of soymeal was sold and less than 15k MT for soy oil. 

Mar 22 Soybeans  closed at $14.25 3/4, up 34 1/2 cents,

Nearby Cash  was $13.82 1/8, up 34 cents,

May 22 Soybeans  closed at $14.34 1/2, up 33 3/4 cents,

Nov 22 Soybeans  closed at $13.20 1/4, up 15 3/4 cents,

New Crop Cash  was $12.61 1/2, up 15 3/4 cents,