Grains: Futures for soybeans close out.

Market Analytics and Technical Considerations

Key Points

Beans maintained a profit until the bell, although they decreased by over a penny from their Friday highs. Front-month soybean prices were slightly positive at the close, at 1 1/2 cents. Jan beans saw a 5 1/4 cent rise for the week. Meal futures concluded Friday’s trading primarily in the red but within $1.10 of UNCH.

The price of BO futures decreased by 39 to 49 points. Dec BO was up 175 points for the week.

While US markets were closed for Thanksgiving, Chinese futures Dalian No2 Soybean Prices were still up 61 yuan on Thursday despite being 45 yuan off their peak. The Jan No. 2 contract reached a 2-week high of 5,036 on Friday, up 194 yuan.

With 690k MT sold during the week of 11/17, weekly export sales figures for soybean bookings reached a 9-week low. For a season total of 16.95 MMT, shipments increased by 20% from the previous week to 2.432 MMT. Although it is 30% of the Nov WASDE prediction, it is still 20% while behind pace of last year.

The weekly report for the products revealed 97 MT of cumulative cancellations for soy oil and 516k MT of net sales of meal, both of which were 5-week peaks. Traders wanted between 150k and 300k MT of grain and more than 20,000 MT of soy oil. Through the first month and a half, total bean oil exports have lagged 80% behind the rate of last year.

Soybeans closed at $14.36 1/4 on January 23, up a quarter cent.

Nearby Cash decreased by 2 3/8 cents to $14.11 3/4.

Soybeans closed at $14.42 1/4 on March 23, up a quarter cent.

Soybeans finished on May 23 at $14.49 3/4, up 1 cent.

Simple Moving Averages – Weekly