Soybeans

Soybean futures are currently 3 to 5 cents higher. They settled 2 to 6 cents higher on Tuesday. Meal futures were up 90 cents/ton. Soy oil closed 30 points higher. The USDA weekly Export Inspections of 1.139 MMT were down 11% from the previous week and lagged the same week in 2016 by 28%. USDA’s Fats & Oils report was expected to show November crush of about 174 million bushels. The trade guess was very close, with the actual number at 173.33 million bushels. Soy oil stocks on November 30 were 1.379 billion pounds. Argentine planting continues to lag in BA and La Pampa due to dry soils and high temps. Argentina has begun the phased unwinding of their soybean export tariff announced back in 2016.




Market Commentary provided by:

Brugler Marketing & Management LLC
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