Soybeans Trading Steady to 7 Cents Per Bushel Lower

Soybeans are steady to 7 cents per bushel lower this morning after the 20+ cent gains yesterday. Meal futures were up by $6.30 to $7.80, and soybean oil futures gained 77 to 93 points on Thursday. USDA’s weekly Export Sales report showed soybean bookings were 908k MT. That was a 9 week high for soybean sales. Total soybean commitments are now 2.046 bbu, which is 92% of USDA’s forecast. Soybean shipments were reported at 2.04 MMT for the week. USDA reported the week’s soymeal sales at 337,423 MT. BO bookings were 11,113 MT for the week ending 1/7. Trade estimates ahead of the NOPA crush reports see record crushing activity continuing with an average estimate of 185.175 mbu for December. Refinitiv data suggests Argentina soy oil exports were just 72,000 MT in December. Shipments were hamstrung by a series of strikes. Rosario Grains Exchange estimates 47 MMT of Argentine soybean output in 2021.

--- provided by Brugler Marketing & Management




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