Beans Off their Highs, Fractionally Higher

Beans are working with fractional gains this morning after the board rallied a dime initially out of the weekend. The soybean futures market spent the afternoon in retreat after the NASS data was released. Futures ended the day with 25 1/2 to 46 cent losses across the front months. The market still holds a carry to $13.93 for July contracts, before seeing a 25 1/2 cent inverse Nov to Nov. Through the month of September the Nov bean contract was a net 57 3/4 cents lower, and closed in the bottom of the $1.45 range. Soymeal futures were $3.70 to $5.90/ton weaker at the close. Bean oil futures ended the day down by 213 to 230 points per pound. USDA had B100 cash prices listed at $6.38/gal in MN for the week, down by 38 cents from the week prior.  

Weekly CFTC data showed soybean spec traders were closing longs through the week of 9/27. That long liquidation left the group 9,860 contracts less net long to 94,831 contracts – a 10-wk low. Commercial soybean traders were adding long hedges via 12.3k contract for a reduced net short to 116,394 contracts – a 49 week low. 

NASS data showed September soybean stocks were 274 mbu carried into the 22/23 season. That compares to the average trade guess of 242 and last season’s 256.979 mbu. 2021/22’s final quarter usage was implied at 698 mbu, compared to the 512 mbu finish to last year. USDA revised the 21/22 production number to 4.465 bbu, which was up by 30 mbu from their prior figure. 

Nov 22 Soybeans  closed at $13.64 3/4, down 46 cents, currently up 3/4 cent

Nearby Cash   was $13.15, down 46 5/8 cents,

Jan 23 Soybeans  closed at $13.75 1/2, down 45 cents, currently up 1/4 cent

Mar 23 Soybeans  closed at $13.83 1/4, down 41 1/2 cents, currently up 3/4 cent