Soybeans Push Lower on Thursday
Beans returned to pushing the downside after a bounce back on Wednesday. Futures ended the day within 3c off the daily low on 4 ¾ to 9 ½ cent losses. March prices sit at a net 30 ½ cent loss for the week’s move. 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.
An Indiana soy crush facility under 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 sales to come in between 50k MT and 400k MT. The week’s soy oil bookings are expected to be below 10k MT.
The monthly NASS Fats & Oils report had the November soy crush as 200.07 mbu. That was slightly below the all time high in October due to one less day in the month, but was just the 2nd month ever above 200 mbu. Soybean oil stocks as of Nov 30 were 1.162 billion lbs, compared to 1.062 billion in October. That was the first monthly build in 7 months.
Jan 24 Soybeans closed at $12.62, down 7 1/2 cents,
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,
May 24 Soybeans closed at $12.76 1/2, down 8 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.
