Soy Complex Recap - 10/27/2016

October 27, 2016 10:34AM CDT

November Soybeans finished up 4 1/4 at 1014 1/4, 5 3/4 off the high and 11 1/2 up from the low. January Soybeans closed up 4 at 1025. This was 11 1/2 up from the low and 6 off the high.

December Soybean Oil finished down 0.61 at 35.11, 0.79 off the high and 0.03 up from the low.

December Soymeal closed up 8.5 at 327.6. This was 9.9 up from the low and 1.2 off the high.

January soybeans traded to a new high for the move at 1031 today, up 0.9% on the day. Weekly export sales were strong at 2.045 million tones but were widely anticipated. U.S. exporters announced the sale of 396,000 tonnes of soybeans to China and 129,000 tonnes to Unknown destinations. Cumulative sales through October 20th are now 25% higher than last year. Malaysian palm oil closed down 0.18% on the day and oilshare at the CME is down 2.35% trading at 35.04%. Soymeal has rebounded dramatically (up $20.00 this week) and causing frantic liquidation out of the long oil/short meal trade. Weather in parts of Argentina is being watched closely as too much rain has fallen over the last two weeks, but this is primarily in corn and wheat areas. Net weekly export sales for soybeans came in at 2,045,400 tonnes for the current marketing year and none for the next marketing year for a total of 2,045,400 tonnes. As of October 20th, cumulative soybean sales stand at 61.3% of the USDA forecast for the 2016/2017 (current) marketing year versus a 5 year average of 60.1%. Sales of 473,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 146,200 tonnes for the current marketing year and 400 for the next marketing year for a total of 146,600. As of October 20th, cumulative soybean meal sales stand at 31.3% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 38.3%. Sales of 155,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 24,500 tonnes for the current marketing year and none for the next marketing year for a total of 24,500 tonnes. As of October 20th, cumulative soybean oil sales stand at 29.5% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 21.3%. Sales of 14,500 tonnes are needed each week to reach the USDA forecast.

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