BRUG - Wed Jan 03, 4:49PM CST

Soybean futures settled the day with most contracts 2 to 4 1/2 cents in the green. Meal futures were up 90 cents/ton in the nearby January contract. Soy oil was 38 point higher in the front month. Soybean export commitments from the US are 67% of the USDA projection, compared to 82% for the average and last year. This has traders expecting USDA to cut the export forecast on January 12. Argentine planting continues to lag in BA and La Pampa due to dry soils and high temps. Argentina has begun the phased unwinding of their soybean export tariff announced back in 2016, dropping it to 29.5%. Brazil’s exports of soybeans during December totaled 2.36 MMT according to their Trade Ministry. That is slightly higher than November and nearly 4 times larger than the same month in 2016.

Jan 18 Soybeans closed at $9.59 3/4, up 4 3/4 cents,

Mar 18 Soybeans closed at $9.68 3/4, up 4 cents,

May 18 Soybeans closed at $9.79 1/2, up 3 3/4 cents,

Aug 18 Soybeans closed at $9.92, up 3 1/4 cents,

Jan 18 Soybean Meal closed at $314.40, up $0.90,

Jan 18 Soybean Oil closed at $33.76, up $0.38

Market Commentary provided by:

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