Beans are trading firmly with fractional to 6 1/2 cent gains through midday. Meal prices are up $8/ton so far. Front month soy oil is fading 58 to 79 points thus far.
USDA’s FAS reported soybean sales from the week that ended 9/8 were 842,989 MT. That set the outstanding book as 24.858 MMT. The weekly data suggested that 57.188 MMT of soybeans were shipped during the 21/22 season. New crop has 422,510 MT shipped through the first week and day.
Trader estimates ahead of the NOPA data expect members processed 166.1 mbu of soybeans during August.
StatsCan reported their soybean production as 6.505 MMT in the September release. That was up from 6.38 MMT estimated in August and was at the top end of estimates. Canola output is seen as 19.1 MMT – compared to 19.5 MMT last month and 19.9 MMT expected.
Nov 22 Soybeans are at $14.59 1/4, up 4 1/4 cents,
Nearby Cash is at $14.20 3/8, up 4 1/8 cents,
Jan 23 Soybeans are at $14.65 1/2, up 4 1/2 cents,
Mar 23 Soybeans are at $14.65 3/4, up 4 1/2 cents,
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