Soybean futures are trading 2 to 4 cents higher at midday. January soybean meal is 40 cents higher. Soy oil is up 55 points on a bullish export sales week featuring 44,200 MT in new sales. Soybean old crop export sales are expected to be in the range of 0.8-1.5 MMT, with soy meal @ 100,000-300,000 MT. This morning’s USDA Export Sales report showed 17/18 soybean export sales of 974,700 MT for 2017/18 delivery, with another 81,300 MT for 2018/19. Meal sales were on the higher end of expectations at 288,300 MT and topped the 300,000 MT mark when you throw in 17,600 MT booked for next year. Port workers and processing workers remain on strike at Rosario, Argentina following the fatal explosion on Wednesday at a COFCO facility there.
Jan 18 Soybeans are at $9.51, up 5 1/4 cents, |
Mar 18 Soybeans are at $9.61 1/2, up 4 3/4 cents, |
May 18 Soybeans are at $9.72 1/2, up 4 3/4 cents, |
Jul 18 Soybeans are at $9.83, up 4 1/4 cents, |
Jan 18 Soybean Meal is at $312.20, up $0.40, |
Jan 18 Soybean Oil is at $33.05, up $0.55 |
