Soybean Futures Market News and Commentary
Front month soybean futures are trading 6 to 10 ¼ cents in the red with Jan sitting sub-$13. Midday Soymeal futures are down by $3 to $6.30 in the front months. Soybean Oil prices are down by another 91 to 98 points.
USDA reported a 136k MT soybean sale to China this morning.
The monthly Census data had 9.5 MMT (348.25 mbu) of soybean exports during the month of October. That was similar to Oct ‘22’s volume. Official soymeal exports set a new record for October with 1.192 MMT. Census had an Oct record low (and 2nd lowest of all time for any month) with 5.9k MT of soy oil shipments.
Pre WASDE estimates put the Argentina’s soy crop at 48.2 MMT, +200k MT, while Brazil is expected to be revised 2.8 MMT smaller to 160.1 MMT. StoneX estimated the Brazilian soybean crop at 161.9 MMT, down from their previous 165 MMT figure. SLC Agricola reported their soybean acreage at 320.5k HA (~790k acres), a 5% decrease from their initial figures on top of a 7.3% yield cut.<... Read more
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