Soybean Morning Update & Commentary: Mixed influences ahead of grain opening.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"> <br id=\"isPasted\"><strong>Overnight grain markets</strong> were closed for the Christmas Holiday. Early influences are mixed to start the day including modest strength in crude oil trading $.60/barrel higher while the US dollar index is .03 pts lower. The European grain markets remain closed while the Dalian bean and meal markets closed firmer while veg oil and Malaysian palm oil closed a touch weaker. The South American weather forecast is unchanged with net drying seen for Argentina and immediate surrounding areas for the next 10 days or more while rainfall in Brazil is forecasted to remain plentiful for most growing areas. Opening grain calls are mixed with a choppy light volume trade expected. Weekly export sales are delayed until tomorrow.<br> <br>First notice on Jan futures is the 31<sup>st</sup>, there are 183 deliverable bean receipts registered with the exchange (Cargill cancelled 22), along with 879 oil, and 1,665 meal. <br> <br><strong>In the news:</strong><br><ul class=\"decimal_type\"><li>Brazil Soy Exports Seen Reaching 1.62 mmt In December, unchanged from prior forecast according to Anec. Meal exports 2.1 mmt vs. 2.18 mmt prior. Corn exports 4.1 mmt, unchanged from prior.</li><li>USDA weekly export sales will be released Friday, Dec 27th around 7:30 am CT due to this week's Christmas Holiday.</li><li>Chinese ag data released Thursday placed the country's end of November 2024 sow herd at 40.80 mln head, that's off -1.9% from the year ago month. Over the first 11 months of 2024 hog slaughter has fall -2.6% on year over year terms to 296.1 mln head.</li><li>Intertek estimated Malaysian palm oil product exports over Dec 1-25 period at 1.152 mln mt, that's off -4.0% from their Nov 1-25 estimate at 1.200 mln mt.</li><li>AmSpec Agri on Thursday pegged Malaysian palm oil product exports over the Dec 1-25 period at 1.144 mln mt, that compares with their Nov 1-25 estimate at 1.157 mln mt</li><li>On Thursday, Malaysian cash offers for RBD palm oil and olein traded +$5/mt higher ending at $1,125.00/mt and $1,130.00/mt, respectively</li><li>Malaysian March crude palm oil futures on Thursday traded -12 ringgit lower finishing at 4,546 ringgit/mt</li><li>On Thursday, Dalian May vegoil futures traded lower, soyoil dropped -22 yuan ending at 7,656 yuan/mt, soyoil fell -66 yuan ending at 8,704 yuan/mt</li><li>Dalian May soybean futures on Thursday traded +14 yuan higher ending at 3,926 yuan/mt; May soymeal gained +18 yuan ending at 2,649 yuan/mt</li></ul><br> <strong>Soybean Basis: </strong><br>Location Spot <br>US Gulf steady +86 <br>Cedar Rapids, IA steady -15f<br>Mankato, MN steady -20f <br>Decatur, IL steady +5f <br>Decatur, IN steady +10h <br>Columbus, OH steady -20f </div>