Soybean Futures Market News and Commentary
Front month soybean futures ended the Friday session fractionally mixed. From the week’s open, November soybeans were unchanged, while the November to November spread tightened by 14 3/4 cents to a 30 3/4 cent nearby premium. Soymeal prices ended the last trade day of the week $0.50 to $1.50/ton in the red. BO futures gained 80 to 87 points on Friday, with October finishing the week 158 points above Monday’s open.
Analyst estimates ahead of the quarterly Grain Stocks report shows the trade expects a 174 mbu soybean carry-in from the 20/21 season. The September WASDE estimated soybean stocks would be 175 mbu.
Reports on the wire suggest as many as 20 Chinese soy crush plants have suspended operations due China’s stricter emission goals. The Louis Dreyfus plant in Tianjin is a 25k MT/day capacity plant and will reportedly remain offline into October. Dalian soybean oil futures were up 200 yuan/MT to 9,656 (~ 67.77 cents/lb). Meanwhile Dalian meal traded 25 yuan/MT weaker... Read more