Pilot Grove Coop -

Soy Market Continues Lower

Alan Brugler - Barchart - Wed Dec 02, 5:54PM UTC

Soybeans are trading with losses of 3 1/2 to 5 cents at midday. Soybean meal futures are $1.80 to $1.90 weaker so far. BO futures are within 5 points of UNCH. CME said there were 100 deliveries against December soy oil. Open interest as of Tuesday was 1,921 contracts for Dec BO and 3,162 for meal. Dalian soybean futures closed at 5,626 yuan/MT (~ $23.34/bu) on 12/1. USDA reported October soybean crush at 196.55 mbu. That was in line with estimates and 15% above September for a record October crush. Crushers produced 4.335m tons of meal and 2.282b lbs of oil. Soy oil stocks were 1.964 billion lbs. Vietnam is tendering for 68k MT of soymeal. Weekly Soy bookings for last week are estimated between 0.4 and 1.15 MMT for beans, 100k to 300k MT for meal, and 8k to 40k MT for oil. DATAGRO estimates the 2020/21 Brazilian bean crop at 134.98 MMT, up half a million from their previous forecast.

Jan 21 Soybeans are at $11.57 1/2, down 4 1/2 cents,

Mar 21 Soybeans are at $11.59, down 4 cents,

May 21 Soybeans are at $11.56 1/2, down 4 1/2 cents,

Jul 21 Soybeans are at $11.53 1/2, down 5 cents,

Jan 21 Soybean Meal is at $388.40, down $1.80

Jan 21 Soybean Oil is at $37.02, up $0.01

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