Soybeans Rallying with Meal as Specs Covering Shorts on Argentine Dryness

Soy milk and pellets by bigfatcat via Pixabay

The soybean is trading with double digit 10 to 15 cent gains so far on Thursday as the meal rally is providing product support. CmdtyView’s national front month Cash Bean price is up 11 1/2 cents at $9.35 1/2. Soymeal futures are $11.80/ton higher at midday. Soy Oil futures are showing 44 point losses so far on Thursday.

Forecasts for the next week are calling for near normal rains in most of Brazil, with the Southern portion as well as Argentina seeing dryness creep in. The first week plus of January is seeing some extended dryness in those parts. Meal specs are covering shorts with the drier weather outlook.

The weekly Export Sales report will be released on Friday due to the holiday.

Stats Canada showed the November canola crush data at 1.019 MMT, up 12.2% from the year prior. December soybean exports out of Brazil are expected to total 1.62 MMT according to ANEC, even with last week’s estimate.

Jan 25 Soybeans  are at $9.86 1/2, up 11 1/4 cents,

Nearby Cash  is at $9.35 1/2, up 11 1/2 cents,

Mar 25 Soybeans  are at $9.95, up 13 3/4 cents,

Jul 25 Soybeans  are at $10.15 1/2, up 14 1/4 cents,


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.