Beans are another 6 ¾ to 11 ½ cents weaker so far for Friday, with March 1.2 a cent over the low for the session. Soymeal futures are also 1% to 2.8% weaker across the front months. Midday Soy oil futures are trading 34 to 49 points in the red.
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.
Weekly Export Sales data showed a MY low 201k MT of soybeans were booked during the week that ended 12/28. Beans have also gone nearly a month (Dec 19th) since a daily export sale announcement. Total soybean commitments trail last year’s pace by 15% with 36.55 mbu on the books. USDA reported soymeal sales at 81.4k MT for the week that ended 12/28. Estimates were to see between 50k and 400k MT. Soy oil bookings were 1.2k 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 are at $12.55 1/4, down 6 3/4 cents,
Nearby Cash is at $12.03 1/4, down 8 3/4 cents,
Mar 24 Soybeans are at $12.59, down 8 1/2 cents,
May 24 Soybeans are at $12.66 3/4, down 9 3/4 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
