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SOY/CORN: China Soy, Meal Drop as South America Sales to Pick Up
No. 1 soybeans for May delivery fall as much as 1.5% to 4,204 yuan/ton on Dalian Commodity Exchange.
- Trades -1.4% at 4,206 yuan/ton by 10:39am local time
- South American sales are expected to pick up, boosting supplies, said Cao Yanhui, analyst at Guosen Futures
- “Domestic soy meal supplies are increasing and meal inventories are recovering as soy plants step up production”
- Soymeal for May delivery on Dalian -0.7% to 2,771 yuan/ton
- Soybeans for March delivery on Chicago Board of Trade +0.2% to $9.96 3/4 a bushel
- Prices -1.8% on Friday, biggest drop for most active contract in 4 weeks on slowing U.S. export sales
- NOTE: U.S. Soybean Sales Plunge 91% W/w, End-Year’s Lowest Since ’96
- Corn for May delivery -0.5% to 1,508 yuan/ton on Dalian, falling 3rd day
- Corn for March delivery +0.3% to $3.59 a bushel on Chicago Board of Trade
- Wheat for March delivery +0.7% to $4.26 1/4/bu on CBOT
- NOTE: Wheat Starts Year With a Bang After Longest Slump Since 1999
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