Soy Complex Recap - 10/24/2016

October 24, 2016 3:38PM CDT

November Soybeans finished up 9 at 992, 7 3/4 off the high and 12 up from the low. January Soybeans closed up 10 at 1002 1/4. This was 13 up from the low and 6 3/4 off the high.

December Soybean Oil finished up 0.87 at 35.99, 0.24 off the high and 0.94 up from the low.

December Soymeal closed up 0.8 at 307.3. This was 1.7 up from the low and 3.2 off the high.

Malaysian palm oil surged to trade 3.5% higher early this morning with November soybeans following to the upside. November soybeans traded up to 999 3/4 cents early in the day and set back to settle at 992 which is the highest settlement since August 24th. Export inspections fueled the rally with 2.739 million tonnes being reported. The market was expecting 1.9 to 2.5 million and this week's figure exceeded the guesses and also was the largest inspection number since November 2014. Open interest in soybeans was down a staggering 54,522 contracts, but that was obviously tied to the November soybean option expiration. Wall Street firms continue to look at soybeans as the "value" trade with trend following funds adding 14,582 contracts to their long positions as of October 18th. Also in a report on Friday, Rabobank called for the soybean harvest lows already being in. Weekly export inspections for soybeans came in at 2,739,744 tonnes. As of October 20th, cumulative soybean export inspections for the 2016-17 marketing year have reached 19.0% of the USDA forecast versus a 5 year average of 18.1%. Inspections of 989,212 tonnes are needed each week to reach the USDA forecast.

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