Double Digit Gains for Soybeans

Thursday soybean prices are back up after yesterday’s pullback. Futures are 21 to 22 1/2 cents higher so far. Jan futures roll off the board at the close. Meal prices are back up $6.10 to $8.30/ton. Midday soy oil futures are up 69 to 86 points so far. USDA’s weekly Export Sales report showed soybean bookings were above expectations with 908k MT sold. That was a 9 week high for soybean sales, with China and Spain as the top buyers. Total soybean commitments are now 2.046 bbu, which is 92% of USDA’s forecast. Soybean shipments were reported at 2.04 MMT for the week, which is 69% above the same week last year. For new crop, USDA reported 326,000 MT sold, mostly to Mexico and the Netherlands. USDA reported the week’s soymeal sales at 337,423 MT. That was up 172% wk/wk, and slightly above the range of pre report estimates. BO bookings were 11,113 MT for the week ending 1/7. Estimates ahead of the NOPA crush reports expect record crushings to continue with an average estimate of 185.175 mbu for December. Refinitiv data suggests Argentina soy oil exports were just 72,000 MT in December. Rosario Grains Exchange estimates 47 MMT of Argentine soybean output.

Mar 21 Soybeans are at $14.28, up 21 3/4 cents,
May 21 Soybeans are at $14.25 1/2, up 21 3/4 cents,
Jul 21 Soybeans are at $14.10 3/4, up 22 1/4 cents,
Aug 21 Soybeans are at $13.58 3/4, up 22 1/2 cents,
Mar 21 Soybean Meal is at $465.40, up $8.30
Mar 21 Soybean Oil is at $43.04, up $0.86

--- provided by Brugler Marketing & Management




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