Exports Remain Strong for Beans
Dec 12, 2013
Soybean traders continue to digest the same news regarding tight old-crop supplies, stronger than anticipated Chinese demand, and a record large South American crop right around the next corner. There are starting to be a few more questions here at home in regard to overall domestic meal values. I have been hearing more crushers are covered through January and are now placing more emphasis on production in return the bids sound like they are starting to waver in some locations. I continue to believe we have one last push to the upside, but I am not confident enough to roll without a floor in place. Producers who are still holding old crop soybean bushels need to make certain they have a flat-price floor or some type of hedge in place should the front-end of this market start to fizzle out. From a spec perspective, I see no reason to jump in as a NEW bull at this period in the game despite continued strength in the exports. Click here for my daily report...
Exports today saw soybeans reported at a combined 1.514 million vs. 850,200 reported last week. 13-14 at 1.11M Tons;14-15 at 413,900. T he trade was looking for number between 750,000 to 950,000 metric tons.