Beans Back in Red on Friday

Front month soybeans futures are trading 3 1/4 to 4 cents lower after Thursday’s bounce. Dalian soybean futures traded at the lowest price since September 29 before squaring up for the weekend. The national average soybean basis from cmdtyView was 46 cents under Jan on the 4th. That is the strongest basis under the front month future since 8/25 and is a dime stronger than a year ago. Soybean meal futures are down $2.60 to $3.10/ton so far. Soy oil futures are in the black at midday, gaining 34 to 48 points. There were only 6 overnight against December BO, and the total for the month is an unusually low 206. Those with cash inventory want to keep it. Canadian canola production was estimated at 18.720 MMT in StatsCan November forecast. That is a 4.5% drop from 2019 and a five year low. Spot canola prices are the highest since 2013.

Jan 21 Soybeans are at $11.65, down 3 1/4 cents,
Mar 21 Soybeans are at $11.66 3/4, down 3 1/2 cents,
May 21 Soybeans are at $11.65, down 3 1/4 cents,
Jul 21 Soybeans are at $11.61 3/4, down 3 1/4 cents,
Jan 21 Soybean Meal is at $387.10, down $2.90
Jan 21 Soybean Oil is at $38.21, up $0.48

 

--- provided by Brugler Marketing & Management




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