Soybean Mini Futures Market News and Commentary
Front month soybean futures were higher on Thursday, though gains were limited to 2 1/4 cents. Red Nov prices were a penny higher to $12.53/bu. Soymeal futures gave back $1.30 to $1.70/ton on Thursday. Front month soybean oil traded 67 to 71 points higher, firm with midday’s quotes.
Export Sales data from the week that ended 9/16 showed 902,896 MT of soybeans were booked during the week ending 9/16. That was at the high end of estimates and included 132k MT of previously announced business to China. Total sales to China were 624k MT during the week, taking their 21/22 U.S. soybean book to 10.785 MMT. That is 47% of the total outstanding sales, but China’s book is down 37% yr/yr. Total outstanding soybean bookings are down 29%.
For meal, USDA data showed 45k MT were booked for 20/21 deliver alongside 216,398 MT booked for 21/22. That was below the range for 2020/21 but above the estimated 25 – 175k MT for NMY. Forward sales now sit at 2.365 MMT for soymeal. Soybean oil... Read more