Market News and Analytics for Soy

Market Analytics and Technical Considerations

Reportage – Soybeans

Daily Trading Insights

After a rough start, bean prices recovered and ended with gains of 5 to 8 1/2 cents. Although soybean meal lost some of its intraday gains, it still closed $1 to $2.30/ton higher. At the bell, front-month soy oil prices were 12 to 26 points higher.

2.33 MMT of soybeans were exported for the week ending November 17 according to the weekly FGIS Inspections data. Although it was up 19% from the previous week, it was down 7% compared to the same week in 2016. USDA delivered 35% via the Pacific Northwest and 53% via the Gulf. With 75% of the total, China was the most popular destination. As of 11/17, MYTD soybean shipments totaled 17.128 MMT, a 2.01 MMT decrease from the previous year’s pace.

In October, China bought 2.8 MMT of soybeans, a 500 KMT decrease from October ’21. Brazilian shipments decreased by 15%, while 773k MT of beans from the United States remained relatively stable year over year. Brazilian soybean imports totaled 49.3 MMT YTD, which is less than the 52.75 MMT total from 2021, according to data from China Custom. The US has imported 20.1 MMT of goods so far this calendar year.

According to reports on the wires, Egyptian purchasers are looking for vegetable oil via tender for delivery in January. In order to encourage quicker exports, Argentina wants to reinstate its advantageous FX rate for soybeans starting in December.

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