Soybeans Up 8 To 10, Await Chinese Confirmation of Deal

Nearby soybean futures are trading 9 to 10 cents higher this morning on hopes (not yet confirmed by the Chinese) of a trade deal. Futures were up by 3 1/4 to 4 1/2 cents after Thursday action. Soymeal futures lost 40 cents/ton, while soy oil futures were up 65 points. Weekly USDA Export Sales data showed soybean bookings for the week ending 12/05 at the top end of trader estimates, with 1.05 MMT of current year sales. Total sales (including next MY) were 1.175 MMT. That was a 71.9% increase over last week, and a 59.1% increase over the same week last year for total net sales. Weekly shipments through the same week were at 1.443 MMT, a 4% decrease from last week and a 32.4% increase yr/yr. China was the destination for 62.19% of those shipments. China has averaged a 38.89% share of weekly shipments since September 1 but have maintained a 50% + share of weekly shipments for the last 6 consecutive weeks. The USDA report showed a neutral 257,668 MT of total meal bookings. Soy soil export sales were on the high end of trade estimates at 30,227 MT in the week ending 12/5.

--- provided by Brugler Marketing & Management




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