Alan Brugler - Soy Market Strong for Thursday

Morning soy action has the board trading with gains across the complex. Meal and Oil are u by 1%, while beans trade 0.3% to 0.8% higher. The Wednesday soybean market saw afternoon strength push beans fractionally to 2 3/4 cents in the black. Through the session November contracts saw a 21 1/2 cent trading range from +6 1/2 cents to -15c. preliminary open interest shows active rolling out of November and into Jan-Mar-May ahead of Friday options expiration. Meal futures closed mostly mid-ranged but still down by 10c to $1.80/ton. Soybean oil futures traded triple digits higher and closed the day near the highs with a 190 point gain for the Dec contract. Dec BO has rallied 8% WTD through Wednesday and is now working at June price levels. The contract high from 6/8 is still 8.5 cents/lb away. 

Analysts surveyed expect between 1.7 MMT and 2.5 MMT of soybeans were sold for export during the week that ended 10/13. 

USDA’s Ag Attache expects the 22/23 soybean crop in Brazil would reach 148.5 MMT. That comes on 42.8m HA – a 300k hectare (HA) increase yr/yr. Exports were forecasted at 95.7 MMT, an increase from 21/22’s 92 MMT. 

Nov 22 Soybeans  closed at $13.72 1/2, up 1/2 cent, currently up 11 1/4 cents

Nearby Cash   was $13.26 3/8 on Wednesday, up 3/4 cent,

Jan 23 Soybeans  closed at $13.82 3/4, up 3/4 cent, currently up 10 3/4 cents

Mar 23 Soybeans  closed at $13.91 3/4, up 1 3/4 cents, currently up 9 1/4 cents