Soybean Futures Market News and Commentary
At the close, soy futures were down 19 to 21 1/2 cents. The November to November spread was 1 1/2 cents firmer to now a 5 3/4 cent carry. cmdtyView data shows the ECB’s bean basis at 42 3/4 cents under Nov, compared to -39 cents at the start of the week, -47 at the start of the month, and -33 cents last year. WCB was seen at 44 cents under Nov. That is down for the week, but 3 cents firmer since the start of October. Last season’s 10/20 bean basis in the WCB was 63 1/2 cents under.
Soymeal futures closed the day with losses of $3.70 to $4.40/ton. BO futures were down the sharpest giving back 2.79% to 3.3%, as a 212 point draw down in Dec left prices at 62.58 cents. Malaysian Palm Prices fell back more than 200 ringgits after setting new all time highs, and closed red at 5,209 ringgits.
USDA reported soybean export sales at 2.88 MMT for the week that ended 10/14. That was above the range of estimates going in, a new MY high, and included 1.515 MMT of previously announce... Read more