Soybeans Higher in Morning Action

So far beans are seeing 3 1/2 cent to 4 1/4 cent increases in the front months. Soymeal futures are gaining 20 cents/ton at midday, while soy oil futures are up 65 points. Weekly Export Sales data from the USDA showed soybean bookings for the week ending 12/05, were at the top end of trader estimates, with 1.05 MMT of current year sales, and total sales (including next MY) at 1.175 MMT. That was a 71.9% increase over last week, and a 59.1% increase over the same week last year for total net sales. Weekly shipments through the same week were at 1.443 MMT, a 4% decrease from last week and a 32.4% increase yr/yr. Trade was anticipating the weekly update to show 125-300k MT for soybean meal and the USDA report showed 257,668 MT of total meal bookings. As for bean oil, Bookings were just above the expected 8k-30k MT, with the report indicating 30,227 MT of sales through the week ending 12/5.

Jan 20 Soybeans are at $8.97 3/4, up 4 1/4 cents,

Mar 20 Soybeans are at $9.12, up 4 cents,

May 20 Soybeans are at $9.25 1/4, up 3 1/2 cents,

Jul 20 Soybeans are at $9.38 1/2, up 3 1/2 cents,

Dec 19 Soybean Meal is at $293.10, down $0.20

Dec 19 Soybean Oil is at $31.88, up $0.65

--- provided by Brugler Marketing & Management

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