Soy Complex Recap - 12/8/2016

December 8, 2016 9:39AM CST

January Soybeans finished down 22 at 1027, 22 off the high and 3 1/2 up from the low. March Soybeans closed down 21 3/4 at 1037 3/4. This was 3 3/4 up from the low and 21 1/2 off the high.

January Soybean Oil finished down 0.67 at 37.26, 0.55 off the high and 0.3 up from the low.

January Soymeal closed down 6.8 at 313.7. This was 1.1 up from the low and 7.2 off the high.

U.S. exporters announced the sale of 136,000 soybeans to China and 20,000 soybean oil to South Korea today. The market is under heavy pressure today with January soybeans trading as low as 1034 down 25 1/2 cents at one point. Long liquidation from reports that the weak La Nina event should subside into 2017, along with ideal conditions in Brazil seem to have overtaken any concern about the dry area in Argentina. The Argentine forecasts remain the same but traders want to head for the sidelines ahead of the holidays. Conab estimated the Brazilian crop at 102.4 million tonnes up from their previous estimate of 101.6 million tonnes. Net weekly export sales for soybeans came in at 1,461,700 tonnes for the current marketing year and 6,000 for the next marketing year for a total of 1,467,700. As of December 1st, cumulative soybean sales stand at 77.4% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 73.7%. Sales of 323,000 tonnes are needed each week to reach the USDA forecast. Net meal sales came in at 222,500 tonnes for the current marketing year and none for the next marketing year for a total of 222,500. As of December 1st, cumulative soybean meal sales stand at 45.7% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 50.7%. Sales of 136,000 tonnes are needed each week to reach the USDA forecast. Net oil sales came in at 13,400 tonnes for the current marketing year and none for the next marketing year for a total of 13,400. As of December 1st, cumulative soybean oil sales stand at 45.6% of the USDA forecast for 2016/2017 (current) marketing year versus a 5 year average of 40.3%. Sales of 12,300 tonnes are needed each week to reach the USDA forecast.

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