Soy Complex Recap - 12/5/2016

December 5, 2016 9:39AM CST

January Soybeans finished up 16 at 1043 1/2, 6 1/4 off the high and 15 3/4 up from the low. March Soybeans closed up 16 at 1053 1/4. This was 15 3/4 up from the low and 5 3/4 off the high.

January Soybean Oil finished down 0.05 at 37.67, 0.33 off the high and 0.15 up from the low.

January Soymeal closed up 7 at 319.5. This was 6.3 up from the low and 4.4 off the high.

The market surged higher on the day as some developing weather concerns for Argentina and continued strong demand news plus surging values for palm oil and China soybeans futures helped to support. On top of the collapse in the US dollar, the Brazil currency jumped 1.5% which was seen as a supportive development. Talk of dry spots expanding in Argentina over the next few weeks helped to support as well. Weekly export inspections came in at 1.910 million tonnes from trade expectations for 1.5-1.9 million. As of December 1st, cumulative soybean export inspections for the 2016-17 marketing year have reached 46.7% of the USDA forecast versus a 5 year average of 43.5%. On top of weekly shipments, exporters reported a daily sale of 426,000 tonnes of US soybeans to China.

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