Beans Firming Up at Midday

After a tighter overnight range to start the week, soybean futures decided to work higher through midday. November got to within a nickel of the $14/bu mark, and is currently a few cents under that mark. The rest of the contracts are up by a penny to 5 1/2 cents. Meal prices are trading mixed within $1.50/ton of UNCH. BO futures are rallying triple digits through midday. 

Weekly Export Inspections data showed 1.882 MMT of soybeans were shipped for the week that ended 10/13. That was almost double the previous week, but lags compared to 2.45 MMT from the same week last year. China was the top destination with 72% of the total. USDA had the season’s total as 4.67 MMT through 10/13, compared to 6.035 MMT during last year’s campaign. 

Effective immediately and running through the end of October, Indonesian palm oil exports will face a $3/MT export tax reduced from the current $33/MT level. 

NOPA members reported a September soybean crush of 158.109 mbu. That was under the average of survey respondents’ expectations (161.3) and down from 165.5 mbu in August as the lowest month since Sep ’21. In September last year NOPA members processed 153.8 mbu. Soybean oil stocks were shown at 1.459b lbs. That is down from 1.565b lbs in August and is the lowest since September 2020. The trade was looking for 1.522b lbs on average. 

Nov 22 Soybeans  are at $13.91 1/4, up 7 1/2 cents,

Nearby Cash   is at $13.42 1/4, up 7 1/2 cents,

Jan 23 Soybeans  are at $13.98 1/2, up 5 3/4 cents,

Mar 23 Soybeans  are at $14.05 3/4, up 4 3/4 cents,