Soybean Report, 01/04/2017

Wednesday, January 4, 2017

First day of ’17 felt the pressure of a higher US$, but this am we are moving higher. We are seeing a little relief from a slightly weaker US$ today, but we are still right at 103 on the index so the reality is no big deal. Nidera registered more beans and made delivery overnight, 400 total from them and the 100 previously are recirculating. Interesting to see these not being taken in and loaded out with what the numbers calculate out to on the river. Oil and meal continue to see deliveries as well with meal picking up the pace, mainly in Owensboro, KY on meal. Supply issues are at the moment status quo, so no big move expected there. Bird flu continues to expand across both Asian and European continents. Czech and Bulgarian cases confirmed. India dealing with a new case as well. Interesting day yesterday in OI as meal gained with a small bump. Volumes remained exceptionally low or even dropped to low water levels, which was part of the issue on maintaining the overnight gains. We will need more support today to keep green on the screen. One final note of curiosity is day two of 2017 and still no Chinese bean purchases listed by USDA? Are they already moving to the south?

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