Double Digit Gains in the Beans at Midday

So far through the midday portion of Thursday, soybean futures are sitting 1% to 1.4% higher in the front months. November is up 19 1/4 cents and at the high of the day was just 4 1/4 cents under the $14/bu mark. Meal prices are up $7.60 to $9.30/ton so far. BO futures are trading with midday losses of 6 to 16 points. 

USDA reported two flash soybean sales this morning, with China booking 201k MT and another 132k MT sold to unknown destinations. Weekly USDA data had 2.335 MMT of soybean sales for the week that ended 10/13. That was at the top end of estimates as a MY high, and was up 218% from the same week last year. Accumulated soybean commitments were 30.5 MMT, up 1.3% yr/yr. For the products FAS data showed542,340 MT of meal sales and 9,317 MT of soy oil sales. For BO that left 29,354 MT of commitments on the books, and for meal there were 3.631 MMT committed as of 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 HA increase yr/yr. Exports were forecasted at 95.7 MMT, an increase from 21/22’s 92 MMT. 

Nov 22 Soybeans  are at $13.92 3/4, up 20 1/4 cents,

Nearby Cash   is at $13.47 5/8, up 20 1/4 cents,

Jan 23 Soybeans  are at $14.00, up 17 1/4 cents,

Mar 23 Soybeans  are at $14.07 3/4, up 16 cents,