The soybean oil market is currently @ .6641.
Higher commodity markets across the board this morning, led by wheat +2.86%. Soybean oil is slightly higher up 0.11% on the session.
– From Reuters: China’s November soybean imports from U.S. fall 7%
For the first 11 months of the year, China brought in 51.83 million tonnes of Brazilian beans, down from 56.5 million tonnes in the same period of 2021.
Imports from the United States for January-November came in at 23.01 million tonnes, down from 26.2 million tonnes the previous year.
There are several bearish factors currently affecting soybean prices. The export window for soybeans from the U.S. to China is closing, and Brazilian soybeans will be available as early as February 2023. Brazil is also expected to harvest a soybean crop that is 20% larger than last year in the coming months. Meanwhile, China, the world’s largest soybean buyer, is still struggling to reopen its economy fully. Despite these bearish elements, the soybean chart has continued to test the upper resistance level that has held it back since early July 2022. We will look closer at the soybean chart in tomorrow’s note.
– From ADMIS: India extends suspension on futures trade in key farm commodities by a year.
India’s market regulator on Tuesday extended the suspension of trading in derivative contracts of commodities including wheat, paddy and crude palm oil until Dec. 20, 2023.
The Securities and Exchange Board of India (SEBI) had last year ordered a year-long suspension of futures trading in key farm commodities, as the world’s biggest importer of vegetable oils and a major producer of wheat and rice struggled to tame food inflation.
In a notification late on Tuesday, SEBI said the suspension of trading in futures contracts would continue for a year on soybean and its derivatives, crude palm oil, wheat, paddy rice, chickpea, green gram and mustard.
Annual retail inflation eased below the central bank’s upper tolerance level for the first time this year in November amid a softer rise in food prices.
– From CNBC: Zelenskyy to meet with Biden, address U.S. Congress on his first known wartime trip outside Ukraine
Ukrainian President Volodymyr Zelenskyy will meet with President Joe Biden at the White House Wednesday and then deliver an address to a joint session of Congress in the evening, his first known wartime trip outside Ukraine since the start of Russia’s invasion last February.
Biden is scheduled to welcome Zelenskyy to the White House at 2 p.m. The two leaders will hold a bilateral meeting and then a joint press conference later in the afternoon.
“I hope you’re having a good flight, Volodymyr. I’m thrilled to have you here. Much to discuss,” Biden tweeted early Wednesday morning.
Zelenskyy’s visit comes as the U.S. Senate prepares to vote on an omnibus spending bill that includes approximately $45 billion of both military and economic aid to Ukraine in the coming year, billions more than Biden initially requested in November.