Soybean Complex Market Recap (CME)
January Soybeans finished up 19 1/2 at 1496, 1 off the high and 21 3/4 up from the low. March Soybeans closed up 19 at 1491 1/2. This was 21 1/4 up from the low and 1 off the high.
January Soymeal closed up 2.4 at 457.7. This was 3.1 up from the low and 2.6 off the high.
January Soybean Oil finished up 0.99 at 49.99, 0.08 off the high and 1.08 up from the low.
January soybeans traded 18 higher on the day after the market saw another round of strong demand side data. November NOPA crush came in at 157.308 million bushels, in line with market estimates and was the largest monthly crush rate in 3 years. The strong crush and export demand continues to support the market but January futures are holding steady in their recent trading range. Crush margins have improved in China the last couple of weeks which has triggered a flurry of soybean purchases from the US. No big changes to South American weather at the moment. Good rainfall over the next 7-10 days for most of Brazil and Argentina should dry down during this period. Both countries should see stable temperatures which should promote good conditions for row crops and move along the planting pace. The strong cash markets and calendar spreads added a positive tilt to the market throughout the day which helped support the move higher.
EDIBLE OIL: Malaysian palm oil futures rebound from the previous day's three-year low but prices still posted their fourth consecutive weekly loss as worries persisted over record high stocks. (Reuters)
No comments:
Post a Comment