Soybeans closed higher on the Chicago Stock Exchange, with a decline in the dollar and good export sales, according to information released by TF Agroeconomia. “January 23 Soybean contract closed up 1.27% or $18.25 cents/bushel at $1454.50. The May 23 quote , which is already being traded in Brazil, closed up 1.17%, or $17.0 cents/bushel at $1466.75. The October Soybean Meal contract closed up 1.13% or $4.6/short ton at $413.50 and the October Soybean Oil contract closed up 2.13% or $1. 59/pound at $76.11”, he comments.
“The soy market closed sharply on the back of the fall in the dollar against the Brazilian real, which boosted US exports and the good volumes shipped in the US, which show very active demand. The rise was limited by the information that Argentina has implemented a new program of "Dollar Soy!, 230 pesos/dollar in the country, which should attract demand to that country in January", he adds.
The United States Department of Agriculture (USDA) reported a soybean sale of 110,000 tons to some unknown country this morning. “Data from the Weekly Inspections recorded 2,022 MMT of soybean exports in the week ended 11/24. This was down 403k MT from the previous week and was 237k MT lower than the same week last year. The USDA added 97,600 MT to recent reports, bringing the season total to 19,248 MMT. That compares to 21.4 MMT at the same point last season.”
“Indonesia has maintained its 8:1 ratio of palm oil for the domestic market and for exports. The proportion, limiting exports, came into force on 11/1 and has been renewed for the foreseeable future”, he concludes.