Beans are up by 4 to 6 cents ahead of the Quarterly Grain Stocks data. Morning soybean oil prices are weaker for a mixed complex overall. Soybean meal prices weakened by 3% in the old crop October contract which dragged the other nearby contracts $4.70 to $5.50/ton weaker. BO futures were up by 2.6% to 3% on the day. Soybean prices closed the Thursday session with 2 to 4 3/4 cent gains. There was significant short covering, with preliminary open interest plunging 32,286 contracts on the day. More than half of that was in November. Meal prices have faded nearly $60/ton in the October contract on 6 straight down days. The CME Synthetic Soy Crush spread was firmer on the day, but at $1.87/bu remains below the August +$2.20 levels.Â
Weekly US soybean sales were 1 MMT from the week of 9/22. That was 24.7% above the sale from last week and 3% above the same week last year. China and Mexico were the top buyers with 548k MT and 217k MT respectively. The week’s exports were 269,200 MT, mostly to Japan and China. Â
The trade average guess for soybean’s 21/22 carryout is 243 mbu. USDA’s September WASDE estimate was 240 mbu. The full range of pre-report estimates is from 215 to 275 mbu according to a Bloomberg poll, and last year’s stocks were 257 mbu.Â
Nov 22 Soybeans  closed at $14.10 3/4, up 2 cents, currently up 6 3/4 cents
Nearby Cash  was $13.62 ¾ on Thursday, up 1 5/8 cents,
Jan 23 Soybeans  closed at $14.20 1/2, up 4 1/4 cents, currently up 5 1/4 cents
Mar 23 Soybeans  closed at $14.24 3/4, up 4 cents, currently up 6 cents
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