Jan soybeans rallied to take out the 34 year high for the 4th consecutive day in a row. Jan beans ended up an impressive 16 ½ cents. The products were also strong with Soymeal hitting a three year top in the front month and soyoil was higher helped along by a stronger crude oil market and talk of fresh Chinese purchases of South American soybean oil. Crude oil was up more than $4.00 on Wednesday after US crude oil stocks fell to a near three-year low. Also helping was talk of China booking cargoes of South American Soybean oil. Volume was very heavy at the CBOT with reports of 221,450 Soybeans, 79,801 Soybean Oil and 69,033 Meal trading. Funds were active as well buying an estimated 7,000 Soybeans, 3,000 Meal and 2,000 Oil
Early opening calls are higher. The USDA released weekly export sales figures this morning saying 971,400 mt. of soy (old/new crop) sold for export last week, above estimates for 600,000 to 700,000 mt. USDA also said in a separate announcement that 100,000 mt. of soy sold to South Korea. Weather in South America is becoming more of a factor right now and concerns are mounting in this early part of the growing season that were too dry for this time of year. Overnight Chinese Soybean, Meal and oil all closed higher. Malaysian palm oil futures closed higher.
Early CBOT Soybean Complex: Soybeans Steady to 2c Higher
Early CBOT Soybean Complex: Meal Steady
Early CBOT Soybean Complex: Oil Steady to Slightly Higher
Top News
*USDA reports private sale of 100,000 mt US Soybeans sold to S Korea for delivery during 2007/08
-- As of Dec 11, 95% of Brazil's Soybean crop has been estimated to have been planted by forecast group AgRural
-- Dalian Sept Soybeans 78 higher to 4506 yuan/mt; Soymeal Sept futures rose 68 to settle at 3,377 yuan/mt on 1.00 contracts traded; May Soyoil futures rose sharply 158 to 9,468 yuan/mt
-- Malaysian Palm February contract settled up 43 ringgit at 2,920 ringgit ($882)
-- eCBOT Soybean Vol. 153,628; Pit Vol. 59,238; Open Interest Change: +4,787
-- Weather: 6-10 Day Forecast: Above Normal Temps. Above Normal Precip. Rain and snow moves out of the eastern Corn Belt later today. Friday looks dry. Saturday will see some light snow favoring southern areas.
-- Outside markets. Energy up slightly at $94.40; Gold & Silver:-3.2 at $810 & -.095 at $14.5 ; US $ is trading lower vs. the Yen, slightly higher vs. the Euro.
Cash Markets
-- CIF Soybeans off 1- 4 . Dec. +28 to +38, Jan. +42 to +45, Feb. +35 to +40, Mar. +35 to +40, Apr. +31 to +37, May +34 to +40, J/J +39 to +43.
Nate Smith
SMS Brokerage
nsmith@jerrygulke.com
toll free: (877) 787-6278
local: (312) 896-2090
fax: (312) 896-2050
Reproduction or rebroadcast of any portion of this information is strictly prohibited without the written permission of the Linn group, inc. the information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Opinions expressed are subject to change without notice. this material and any view expressed herein are provided for informational purposes only and should not be construed in any way as an inducement to buy or sell commodity futures or options contracts. The Linn group and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss
