Soybean Futures Market News and Commentary
Beans closed with 11 1/2 to 14 1/4 cent gains in the nearbys, however the gains dwindled to a penny loss by the Nov 2023 contract. Meal futures were $5.40 to $7.40 stronger on the day. Front month BO prices were 32 to 35 points stronger on the day. The Jan BO contract is still 14.63 cents/lb under the monthly high.
USDA announced a sale of 718,000 MT of soybeans to “unknown destinations” this morning under the daily reporting system. Another 118,000 MT was going to China.
USDA reported weekly bean bookings were 1.716 MMT for the week that ended 12/1. That was more than double last week, and was 31% higher than the same week last year. The week’s shipments were 2.25 MMT for a season total of 21.17 MMT. That still trails last year by 16%, compared to the USDA’s WASDE forecast at a 5.2% lag. New crop bookings were 30k MT compared to the 0-250k MT expected going in. The total forward sale sits at 40k MT
For the products, traders expected 150k to 350k MT of soymeal sa... Read more