Soy Market Lower at Mondays Close

Soybean futures were lower again on Monday, by 4 3/4 to 5 cents lower. Soybean meal futures were $0.50/ton lower, and soy oil futures closed 50 points lower on weakness in diesel prices. The weekly Export Inspections report from the USDA this morning showed soybean shipments for the week ending 01/23 were 1.039 MMT. That is down 167,300 MT from last week, but is 9.97% more than the same week last year. MYTD soybean shipments are 25.215 MMT, compared to last year at this time with 20.485 MMT. The top destination for the week’s shipments was China, with 46.82% of the total. Japan was the destination for 10.4%, and both Spain and Saudi Arabia imported 71k MT of American soybeans on the week. The Indonesian B40 initiative is expected to eventually cause an increase in biodiesel consumption of palm oil by up to 40%. EU soybean imports on the MY to Jan 26 were 7.9 MMT; which is down 4% yr/yr. Soybean meal imports for the economic zone were up 8% yr/yr to 10.6 MMT, and EU palm oil imports were 18% lower yr/yr.

Mar 20 Soybeans closed at $8.97 1/4, down 4 3/4 cents,

May 20 Soybeans closed at $9.11, down 4 3/4 cents,

Jul 20 Soybeans closed at $9.24 1/2, down 5 cents,

Aug 20 Soybeans closed at $9.29 1/4, down 5 cents,

Mar 20 Soybean Meal closed at $297.80, down $0.50

Mar 20 Soybean Oil closed at $31.52, down $0.50

--- provided by Brugler Marketing & Management




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