U.S. beans rose 15 cents on Monday night as global energy and vegetable oil markets resumed their gains. Soybean meal fell by 24 yuan in the domestic night market in January, soybean oil rose by 160 yuan in January, the oil-meal ratio rebounded sharply, and the squeezing profit has recently turned better.
Fundamentals: U.S. soybean export test 2.1 million tons, the market estimate of 1.80-2.6 million tons, in line with market estimates; U.S. beans harvest rate of 73%, the market estimate of 74%, slightly lower than the market estimate; the U.S. Midwest precipitation delay harvest, Brazil soybean central region to get overnight precipitation, the whole week is expected to have precipitation, northern Argentina will also usher in precipitation, because of precipitation Inland soybean basis in the United States is stronger, U.S. Gulf soybean basis is stronger.
The rise in oil and fat prices suppressed soybean meal, the overall still range view, soybean meal 01 contract to see 3240-3300. Soybean meal stocks are declining, and the basis is expected to be stable, with the basis range of 250-260 in East China (for January), 350-360 in Luyu, 350 to 360 in North China, 180 to 190 in Guangdong, and 250 to 260 in Guangxi
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