Afternoon Soybeans: Beans closed higher after a weaker start.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">The soybean market had a two-sided trade that firmed and seemed to gain in confidence over the latter portion of the trading session where the futures settled near the day’s high. January beans gained 11.25 cents and finished 20 cents off the morning low. The nearby Jan-March bull spread broke out into a new high for its move which reflects good demand nearby and post-harvest cash strength. <br> <br>In the product trade, oil and meal both settled modestly higher. The export sales were supportive, particularly for bean oil which spent much of the session trading weaker before battling back later in the day and was another key input to the late bean strength. Meal posted consecutive higher settlements for the first time in a month. The oil share fought back to finish the day unchanged. Board crush margins dropped by 8 cents to $1.30/bushel. <br> <br>Weather in the Southern Hemisphere remains mostly favorable. Dryness in portions of Argentina and S Brazil will be watched closely in a La Nina year but the forecast promises relief a week out. Brazil’s soybean planting advanced to 80% of intended area as of last Thursday, according to AgRural, well ahead of 68% on that date last year. AgRural noted, “Crops are developing well throughout the country, but the reduction in rainfall in the South and in part of Mato Grosso do Sul has producers on alert, although it is too early to talk about losses.” Corn planting reached 86% done. AgRural said, “In the South, where planting is complete and there has been less rain, producers are closely monitoring the forecast maps, especially in areas where crops are already in the reproductive phase.” <br> <br>The USDA announced a private sale of 261 tmt of beans to Mexico, 135 tmt of meal to the Philippines, and 30 tmt of bean oil to India.<br> <br>Weekly grain inspections of corn were 32 mb up from 31 mb last week, bean inspections were 79.5 mb down from 87 mb last week, wheat inspections were 7 mb down from 13 mb last week. <br> <br>Elsewhere in the news, Biden aims to finalize a rule on a clean fuel tax credit before leaving office on Jan. 20, a senior White House official said on Sunday. The clean fuel program, which would provide credits for the production of sustainable aviation fuel and other lower-emission transportation fuels including hydrogen and 45Z clean fuel tax credit.<br> <br>The COT report showed managed fund money through the trade week ending 11/12 had +87.9k corn (net long 109.9k), -14.5k srw (net short 45.3k), -11.0k hrw (net short 25.0k), +15.5k beans (net long 54.5k), -19.5k meal (net short 27.6k), and +11.4k oil (net long 75.1k).<br> <br>Soybean Basis: <br>Location Spot <br>US Gulf up 1 to +88 <br>Cedar Rapids, IA steady -15f <br>Mankato, MN steady -5f <br>Decatur, IL steady +5f <br>Decatur, IN up 2 to opt price f <br>Columbus, OH steady -10f </span></div></div>