Soy Futures Rally to Close Friday
Beans were up by 2 ½ to 5 ¾ cents on Friday, reducing the weekly draw down to 16 cents. Soymeal futures were $4.20 to $4.70 higher on the last trade day of the week, leaving the Jan contract a net $6 weaker for the week’s move. Soybean Oil futures were the weak link on Friday with 25 to 51 point losses on Friday.
The weekly Export Sales report showed 1.989 MMT of soybeans were sold during the week that ended 12/14. That included 1.3 MMT of sales previously announced. That lifted commitments to 35.36 MMT (1.3 bbu), which is 16.5% behind last year’s pace. USDA’s current S&D balance sheet has a 12% decrease in exports yr/yr.
FAS data showed 147,786 MT of soymeal was sold during the week that ended 12/14. That was down from 325k MT last week and was below expectations. Total soymeal exports reached 2.77 MMT – a 22% lead over last year. USDA reported a 5-wk high for soy oil sales as 3.1k MT were booked.
Jan 24 Soybeans closed at $12.99 3/4, up 2 1/2 cents,
Nearby Cash was $12.47 3/8, up 2 1/2 cents,
Mar 24 Soybeans closed at $13.06 1/4, up 4 1/2 cents,
May 24 Soybeans closed at $13.16 3/4, up 3 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.
