Soybeans ended Tuesday with +10 cent losses through the March contract. November had gotten as low as $13.64 1/4 during the day. The Nov-Nov spread was 27 1/4 cents at the close, down from $1.80+ per bushel back in March but up from the 1 3/4 cent premium earlier this month. At this time last year Nov ’22 held a 3 cent premium to then lead month Nov ’21. Front month soymeal futures closed the day with $5.80 to $9.20/ton losses – taking Dec meal to under $400/ton at the days low, it closed above that mark. BO futures extended their bounce by 123 to 190 points on Tuesday. For the Dec contract, that was the highest print since June.
The updated Barchart soy production outlook saw a 0.06 bpa yield boost to 52.96 bpa national cmdtyView Bean Yield. They now expect production to reach 4.766 billion bushels.
Brazil’s Safras and Mercado reported 19.1% of the 22/23 soybean crop has been planted as of 10/14. That is up from 9.7% last week, but trailing 21% last year. AgRural estimated 24% of the crop was planted through 10/14, up from 10% last week and 22% last year.
Nov 22 Soybeans closed at $13.72, down 13 1/4 cents,
Nearby Cash was $13.25 7/8, down 12 3/8 cents,
Jan 23 Soybeans closed at $13.82, down 10 3/4 cents,
Mar 23 Soybeans closed at $13.90, down 10 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.
