Soybean futures are mostly 3 to 3 3/4 cents higher on Wednesday. Meal futures are up 80 cents/ton. Soy oil is seeing 35 point gains in the front month. 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. Brazil’s exports of soybeans during December totaled 2.36 MMT according to their Trade Ministry. That is slightly higher than November and nearly 4 times larger than the same month in 2016.

Jan 18 Soybeans are at $9.58 3/4, up 3 3/4 cents,

Mar 18 Soybeans are at $9.67 3/4, up 3 cents,

May 18 Soybeans are at $9.78 3/4, up 3 cents,

Jul 18 Soybeans are at $9.89, up 3 cents,

Jan 18 Soybean Meal is at $314.30, up $0.80

Jan 18 Soybean Oil is at $33.73, up $0.35

Market Commentary provided by:

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