Soybean Futures Market News and Commentary
Going into the weekend, soybean futures were 10 to 11 1/2 cents in the black. For November, that ended the week with a 25 1/4 cent loss from Friday to Friday. Soymeal futures closed $2 to $2.5/ton higher with Dec going home at $316.60/ton. Soy oil futures were up 78 to 85 points on Friday, with Dec closing at 61.29 cents/lb. USDA’s weekly bio-energy report showed B100 biodiesel was priced at $5.02/gal during the week ending 10/15 (with no comparison to last week).
USDA announced three large private export sales for soybeans this morning. Private exporters sold 132k MT of soybeans to China, 396k MT to unknown, and another 326,750 MT to unknown destinations – all for 2021/22 delivery.
The weekly data showed 1.147 MMT of beans were booked during the week ending 10/7. That was at the top end of the expected range, but down from 2.58 MMT during the same week last season. The weekly data included the large 261k MT sale previously announced to Mexico, but China was confirme... Read more