November Soybeans closed 3 ¾ cents higher ($12.21 ½), Jan 2 ¾ cents higher ($12.29) & March 2 cents higher ($12.37 ¼)
December Soybean Meal closed $1.3 higher ($317.9), Jan $0.7 higher ($318.1) & March unchanged ($319.6)
December Soybean Oil closed 73 pts higher ($62.02), Jan 64 pts higher ($61.73) & March 54 pts higher ($61.06)
Weekly Soybean Export Inspections – 2.298 M T. vs. 1.600-2.100 M T. expected
Weekly Soybean Crop Condition & Progress – Dropping Leaves – 95% vs. 95% ave – Harvested – 60% vs. 62% expected vs. 55% ave
Strength in soy products lead the way higher for soybeans. Soybean oil is the strongest of the products as it takes its cue from higher palm prices as well as continued strong energy prices. Soybean meal was modestly higher on improving demand as evidenced by improving domestic cash markets. Although the strength in soy products help buoyed soybeans to modest gains on the day recent export sales and shipments have shown marked improvement.
Interior cash soybean basis runs sharply mixed. The Ohio River is off by 11 cents, Chgo, Decatur, IL & Decatur, IN run unchanged, Lincoln, NE is 10 cents better while Toledo is 10 cents lower. Interior river locations that feed down to the gulf appear steady to easier yet the gulf remains firm. Bull spreads work throughout the soybean complex.
The soybean market continues to retrace the last Tuesday/Wednesday break. The mid-high $12.30’s, the low $12.40’s, represents resistance that was created with last week’s break. Soybean meal is trying to show technical signs that it has gone low enough for now. The mid-$320’s represents the first level of decent looking resistance for Dec meal. $62.50-$63.00 looks like resistance for Dec bean oil. As long as the global veg oil sector stays strong along with energy prices bean oil should also stay firm.
Daily Support & in Resistance – 10/19
Nov Beans: $12.10 – $12.35
Dec Meal: $314.0 – $323.0
Dec Soy Oil: $60.60– $63.10
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