Green for oilseeds, corn, wheat still not waking up.
Brugler Marketing soybean comments;
Soybeans are 10 to 17 cents per bushel higher this morning, despite the end of the last strike (Urgara) in Argentina’s soy export sector. Soybeans ended Thursday down by 4 3/4 to 6 1/2 cents, after seeing some double digit intraday losses. Preliminary OI suggests the soybean drops yesterday were some light profit taking, dropping a net 943 contracts. Soymeal futures ended the day down $3.80 to $6.10/ton. BO futures also rallied off the midday lows and closed less than 10 points lower. Malaysia has decided to delay full implementation of the B20 biodiesel blend requirement until 2022, presumably due to tight palm oil stocks and the highest prices since 2008. Ahead of USDA’s January reports, analysts surveyed have the Dec 1 soybean stocks at 2.92 bbu. For the MY ending stocks the trade is anticipating a further 36 mbu cut for an average estimate of 139 mbu. Production is estimated to be reduced to 4.158 bbu on an additional 0.2 bpa yield cut. USDA reported just 36,964 MT of sales from the weekly Export Sales report. That was a MY low and well below the range of estimates. China was switching unknown destinations bookings rather than buying additional cargos at $13 futures. Soymeal bookings were reported at 124,102 MT. BO bookings were a low 3,526 MT on the week ending 12/31. Monthly export data showed 407.72 mbu of soybeans shipped in November. November soymeal exports were 1.170 MMT according to monthly Census data. That was a 6-yr high for November. Soy oil shipments were 80,397 MT.
Brugler Marketing soybean comments;
Soybeans are 10 to 17 cents per bushel higher this morning, despite the end of the last strike (Urgara) in Argentina’s soy export sector. Soybeans ended Thursday down by 4 3/4 to 6 1/2 cents, after seeing some double digit intraday losses. Preliminary OI suggests the soybean drops yesterday were some light profit taking, dropping a net 943 contracts. Soymeal futures ended the day down $3.80 to $6.10/ton. BO futures also rallied off the midday lows and closed less than 10 points lower. Malaysia has decided to delay full implementation of the B20 biodiesel blend requirement until 2022, presumably due to tight palm oil stocks and the highest prices since 2008. Ahead of USDA’s January reports, analysts surveyed have the Dec 1 soybean stocks at 2.92 bbu. For the MY ending stocks the trade is anticipating a further 36 mbu cut for an average estimate of 139 mbu. Production is estimated to be reduced to 4.158 bbu on an additional 0.2 bpa yield cut. USDA reported just 36,964 MT of sales from the weekly Export Sales report. That was a MY low and well below the range of estimates. China was switching unknown destinations bookings rather than buying additional cargos at $13 futures. Soymeal bookings were reported at 124,102 MT. BO bookings were a low 3,526 MT on the week ending 12/31. Monthly export data showed 407.72 mbu of soybeans shipped in November. November soymeal exports were 1.170 MMT according to monthly Census data. That was a 6-yr high for November. Soy oil shipments were 80,397 MT.
Comment