Soybean Mini Futures Market News and Commentary
Front month bean prices settled 2 ¾ to 4 ¼ cents lower on Thursday. Nov futures saw a wide 20 cent range and closed 13 ½ cents off the session low. Barchart data showed basis was -68c in the WCB and -61c in the ECB. That is a 24c wider basis than at the start of the month for the ECB, while the WCB has changed little. Soymeal futures settled $2.30 to $2.60 in the black on Thursday, leaving the October contract at a $4.20 gain for the week so far. Soybean Oil futures closed the day 108 to 133 points in the red as October now sits 232 points lower for the week.
USDA’s weekly Export Sales report showed 672,2123 MT of soybeans were sold during the week that ended 9/21. That was up 55% for the week, but was down 20% yr/yr and near the low end of the expected range. Soybean commitments were listed at 17.75 MMT or 652.2 mbu. That’s 30% behind last year’s pace. Meal sales were reported at 358.8k MT, including 17k MT for old crop and 376k MT for 23/24. New crop meal commitments are at... Read more