Soybean Futures Market News and Commentary
Thursday soybean futures trading has the board fractionally mixed to mostly higher with gains limited to 2 ¾ cents so far. Midday’s price still has November contracts ¾ cents in the red for the week. Soymeal is $1.20 to $1.90/ton weaker through midday. Front month soy oil prices are gaining 67 to 71 points so far.
Export Sales data from the week that ended 9/16 showed 902,896 MT of soybeans were booked during the week ending 9/16. That was at the high end of estimates and included 132k MT of previously announced business to China. Total sales to China were 624k MT during the week, taking their 21/22 U.S. soybean book to 10.785 MMT. That is 47% of the total outstanding sales, but China’s book is down 37% yr/yr. Total outstanding soybean bookings are down 29%.
For meal, USDA data showed 45k MT were booked for 20/21 deliver alongside 216,398 MT booked for 21/22. That was below the range for 2020/21 but above the estimated 25 – 175k MT for NMY. Forward sales now sit at 2... Read more