Soybean prices are fractionally to 2 1/2 cents in the black as the morning trade has the board off the highs. Yesterday the soybean futures market closed with 3 3/4 to 11 3/4 cent losses. Meal futures were down by $3.20 to $5.10/ton on the day as well. BO was the complex outlier, as futures went home with 29 to 65 point gains.Â
Ahead of next Wednesday USDA reports, survey respondents expect USDA to raise soybean yields by 0.1 bpa on average. The full range of published numbers is between 49.8 bpa and 51.3 bpa. Traders have the production figured between 70 mbu lower and 85 mbu above USDA’s September figure with a 4.38 bbu average trade guess. Soybean carryout is expected to rise 45 mbu to 244.8 on average, mostly due to higher beginning stocks.Â
Weekly Export Sales for soybeans were 777k MT for the week that ended 9/29. That was down 23% wk/wk and was at the lower end of the expected range. Mexico was the top buyer with 233k MT, followed by 157k MT from China. Total soybean commitments for the 22/23 campaign total 27.5 MMT, a 4.5% lead over last year’s pace.Â
Nov 22 Soybeans  closed at $13.58, down 11 3/4 cents, currently up 1 1/4 cents
Nearby Cash  was $13.08 3/8 on Thursday, down 11 1/8 cents,
Jan 23 Soybeans  closed at $13.70 1/2, down 10 cents, currently up 1 3/4 cents
Mar 23 Soybeans  closed at $13.81, down 8 cents, currently up 2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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