Soybean Market 4 to 5 Cents Higher on Cyber Monday
BRUG - Mon Dec 02, 7:23AM CST

So far soybean futures are 4 to 5 cents higher on Cyber Monday. Buyers are picking up some marked down bargains. Last week, soybean futures closed with a 5 to 5 1/4 cent loss on Friday, which pushed the weekly loss to 20 1/4 cents. Preliminary open interest rose 11,0790 contracts on net new selling interest. Soybean meal was $2.90/ton lower, and bean oil went into the post holiday weekend with a 5 point gain on Friday. The USDA weekly export sales report exceeded trader expectations, with 1.664 MT sold the week ending 11/21. Those sales were 14.1% above last week and pushed the MY accumulated commitments (shipped and unshipped sales) to 25.260 MMT. That was 9.5% ahead of last year’s pace. The weekly soybean shipments, according to the report, were at 2.245 MMT, which is the highest for a week since early November 2017. China accounted for 831,163 MT of the soybean sales, and 1.531 MMT of the shipments were headed for the PRC. The monthly oilseed crush report will be released by USDA this afternoon, with the average trade expectation at 186.1 mbu. If realized, that would be an all time monthly record crush use. Bunge hit the soy oil market with big deliveries (1,270 contracts) over the weekend. JPM clients were the biggest stoppers.

--- provided by Brugler Marketing & Management

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