Soybean Complex Market Recap
Fri 04 Jan 2013 14:34:06 CT
Related Keywords: Agriculture

January Soybeans finished down 14 at 1389, 25 off the high and 11 up from the low. March Soybeans closed down 21 at 1365 1/2. This was 9 1/2 up from the low and 31 3/4 off the high.

January Soymeal closed down 7.4 at 398.2. This was 3.7 up from the low and 10.8 off the high.

January Soybean Oil finished down 0.79 at 49.42, 0.93 off the high and 0.02 up from the low.

March soybeans traded down double digits into the closing bell on thoughts that demand may begin shifting to South America soon as their harvest picks up speed. Weather has been mostly favorable for South America with the exception of northeastern Brazil which needs some rainfall soon. Export sale were in line with market estimates but the pace of sales has fallen off due to cancellations from unknown destinations and China. Net weekly export sales came in at 434,900 tonnes for the current marketing year and 61,400 for the next marketing year for a total of 496,300 tonnes. As of December 27th, cumulative sales stand at 84% of the USDA forecast vs. a 5 year average of 69%. Sales of 162,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 53,800 tonnes for the current marketing year and as of December 27th, cumulative meal sales stand at 78% of the USDA forecast vs. a 5 year average of 49%. Sales of 41,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 31,300 tonnes for the current marketing year and as of December 27th, cumulative oil sales stand at 81% of the USDA forecast vs. a 5 year average of 39%. Sales of 4,000 tonnes are needed each week to reach the USDA forecast.


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