Latest Brugler Soybeans Report
Soybean futures posted sharp losses today while trading was light. The 31 cents loss in the January contract today helped it post a 23 cent loss on the week. We suspect week/month-end profit taking was a culprit, along with the sharp drop in product value. Trade ideas for the USDA export sales report this morning had been in the 550,000 MT to 990,000 MT range and they came in at 1.487 MMT; it is hard to see that as a bearish number! Soybean meal export sales were net-negative for 2014/15, but 2015/16 bookings for 174,300 MT made for a net 152,000 MT in new meal sales for the week ending November 20. Bean meal shipments reported this week were huge, coming in at 417,301 MT; the largest reported for a single week since April of 1998. As of Wednesday night, the national average basis had strengthened nearly 6 cents since the first day that January futures took over as the front month.
InsideFutures Grains News