Soy Market Ends Thursday in Black

Soybean futures closed with double digit gains. The 15 1/2 cent gain for March and 16 1/4 cent gain in May erased the past two days’ move. Monday’s drop still has futures in the red for the week. Soybean meal futures ended the session $3.30 to $4.40/ton higher, and BO futures led the complex with 2% to 3.2% gains. The weekly Export Sales report signaled 406,934 MT of beans were sold on the week ending 11/26. That was at the bottom of the range of pre report estimates and a marketing year as sales to unknown were net reduced 539,100 MT. Chinese importers also canceled 132,900 MT, for a net increase of 476,900 MT. China has 9.935 MMT of unshipped sales on the books, with a record 19.7 MMT shipped through the first 13 weeks of the MY. USDA reported 167,847 MT of meal sales on the week. For soybean oil, the weekly Export Sales report showed just 2,484 MT booked. BO shipments were a MY high of 28,674 MT pushing MYTD shipments to +100k MT. Canadian canola production was estimated at 18.720 MMT in StatsCan November forecast. That is a 4.5% drop from 2019. StatsCan sees 2020 soybean output at 6.359 MMT which was up from 6.145 MMT LY.

Jan 21 Soybeans are at $11.68 1/4, up 15 1/4 cents,
Mar 21 Soybeans are at $11.70 1/4, up 15 1/2 cents,
May 21 Soybeans are at $11.68 1/4, up 16 1/4 cents,
Jul 21 Soybeans are at $11.65, up 16 cents,
Jan 21 Soybean Meal is at $390.00, up $4.40
Jan 21 Soybean Oil is at $37.73, up $0.81

 --- provided by Brugler Marketing & Management




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