Soybeans Fade into Close

Front month soybean futures faded their midday gains and went home on Thursday in the red. Losses were limited to 3 to 6 1/4 cents. Soybean meal futures closed with $3.90 to $4.90 gains in the front months. BO weakened by 35 to 70 points on Thursday. 

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. New crop commitments are about 2.5 MMT above year ago

NOPA members reported 165.54 mbu of soybeans were processed during August. That was down from 170.22 in July and was just below the average trade guess. August ’21’s crush was 158.84 mbu from NOPA members. The full season crush was 2.074 bbu from NOPA members and at least 2.194 bbu nationally (with non-NOPA members’ August crush yet confirmed by NASS). 

Nov 22 Soybeans  closed at $14.51 1/2, down 3 1/2 cents,

Nearby Cash   was $14.12 3/8, down 3 7/8 cents,

Jan 23 Soybeans  closed at $14.58, down 3 cents,

Mar 23 Soybeans  closed at $14.58 1/4, down 3 cents,