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Latin America
Soybean Complex Market Recap
Thu 10 Jan 2013 14:28:51 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
January Soybeans finished down 2 1/4 at 1417 1/2, 12 off the high and 3 up from the low. March Soybeans closed down 7 1/2 at 1378. This was 1 3/4 up from the low and 16 3/4 off the high.
January Soymeal closed down 2.6 at 408.7. This was equal to the low and 4.1 off the high.
January Soybean Oil finished up 0.15 at 49.39, 0.32 off the high and 0.14 up from the low.
March soybeans traded mixed on the day but saw pressure at the closing bell to settle in negative territory. Traders continue to shift focus to the favorable weather conditions in South America and large production estimates, as well as tomorrow's big USDA report. The USDA reported this morning that US private exporters sold a total of 587,500 tonnes of soybeans to China and unknown destinations and 246,000 of the total were for delivery in 2013/14. Export sales were reported slightly below market expectations with sales coming in at 321,800 tonnes for the current marketing year and 85,000 for the next marketing year for a total of 406,800. As of January 3rd, cumulative sales stand at 85% of the USDA forecast for the current marketing year vs. a 5 year average of 71%. Sales of 160,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 118,200 tonnes for the current marketing year and as of January 3rd, cumulative meal sales stand at 80% of the USDA forecast vs. a 5 year average of 50.5%. Sales of 39,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 10,900 tonnes and as of January 3rd, cumulative oil sales stand at 82% of the USDA forecast vs. a 5 year average of 41%. Sales of 4,000 tonnes are needed each week to reach the USDA forecast.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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