Soybean Report, 11/30/2016

Wednesday, November 30, 2016

Only oil had significant deliveries as meal only had 3 while oil dropped 1315 contracts into the mix. Look for better values as long as we see optimism for crude to rebound, which is the main story this morning. Weather is status quo. China has some commodity issues with traders it appears. WASDE numbers look a bit lacking as in losing acreage that will need to be accounted for later, but beans did find a nice bump. Will be surprised if there is not an additional 1-2 MA that find their way into beans before it is all said and done. After two days of beatings, we found some footing and rallied overnight. OI surprisingly was up in beans again, but products are again lower. Volume is lower across the complex. Look for additional strength today as held some technical support and are garnering outside help as well, including the sale of 123 TMT of beans to China reported by USDA this a.m.

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