The nearby soy futures complex is mixed through midday with meal’s pullback. Soymeal futures are trading $9.40 to $10.30 weaker through midday. Soybean oil futures are up by triple digits so far. That has soybean futures firm at midday, staying within 5 cents of UNCH – though mostly red on 1 to 3 cent losses.
The monthly update from the International Grains Council has a 2 MMT lighter 22/23 soy crop. They now expect 387 MMT to be produced, compared to 352 MMT last year. Demand cuts offset the lost output for a net 1 MMT looser expected stockpile – 53 MMT.
Weekly Export Sales data had 446,364 MT of soybeans were sold during the week that ended 9/15. That was down from 842k MT from last week and was below the expected range. Shipments from the week were shown as 522k MT. That set the season’s pace at 945k MT through the first 3 weeks.
FAS data had the products with 1856k MT of meal sales and 2570 MT of BO sales during the week of 9/15. Those were both mostly via net 21/22 cancellations offset by 22/23 sales.
Nov 22 Soybeans are at $14.58 1/4, down 3 cents,
Nearby Cash is at $14.16 3/4, down 4 1/4 cents,
Jan 23 Soybeans are at $14.64 1/4, down 2 3/4 cents,
Mar 23 Soybeans are at $14.66 1/2, down 2 cents,
