Soy Futures Red for Friday Start

Beans are weaker into the day session for Friday trading. The soybean market pulled back on Thursday, but losses were limited to just 4 1/4 cents in November. The other front months were fractionally to 3 3/4 cents weaker at the bell. Preliminary OI shows net new selling, rising 7,578 contracts. Soymeal closed with front month losses of $8.40 to $9.90/ton. Soybean oil futures ended the day 137 to 160 points stronger.

The monthly update from the International Grains Council has a 2 MMT smaller 22/23 world soy crop than last month. 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 ending stocks of 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. Accumulated soybean commitments reached 25.73 MMT as of 9/15. That was up 11% from last season’s book. China holds 13% more commitments than last year, for a 52% share of the total to all destinations – compared to 47.4% of last year’s total. 

Nov 22 Soybeans  closed at $14.57, down 4 1/4 cents, currently down 14 3/4 cents

Nearby Cash   was $14.14 3/8 on Thursday, down 5 1/2 cents,

Jan 23 Soybeans  closed at $14.63 1/4, down 3 3/4 cents, currently down 14 3/4 cents

Mar 23 Soybeans  closed at $14.65, down 3 1/2 cents, currently down 13 1/4 cents