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Latin America
Soybean Complex Market Recap
Thu 14 Feb 2013 14:28:25 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
March Soybeans finished down 5 at 1418, 10 3/4 off the high and 12 up from the low. November Soybeans closed down 7 3/4 at 1264 3/4. This was 8 up from the low and 12 off the high.
March Soymeal closed down 1.3 at 406.8. This was 4.1 up from the low and 3.6 off the high.
March Soybean Oil finished up 0.02 at 51.68, 0.1 off the high and 0.55 up from the low.
March soybeans traded lower on the day after extremely disappointing export data this morning. The trade was looking for total sales to come in between 700,000-1.1 million tonnes but the report fell well short of expectations. Net weekly export sales showed that 109,100 tonnes were canceled for the current marketing year and 345,000 tonnes were sold for the next marketing year for a total of 235,900 tonnes sold. As of February 7th, cumulative sales stand at 93% of the USDA forecast vs. a 5 year average of 80%. Sales of 88,000 tonnes are needed each week to reach the USDA forecast. Overall, the export demand pace remains strong but many traders believe sales will continue to slow going forward as South American soybeans begin to hit the market. Net meal sales came in at 132,400 tonnes for the current marketing year and as of February 7th, cumulative meal sales stand at 87% of the USDA forecast for the current marketing year vs. a 5 year average of 60.5%. Sales of 30,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 16,600 tonnes for the current marketing year and as of February 7th, cumulative oil sales stand at 79% of the USDA forecast vs. a 5 year average of 54%. Sales of 6,000 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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