Soybean futures bounced on Thursday with double digit gains taking the back months back above $14. November closed 19 cents higher on the day, eating at some of the carry, but still ended 8 1/2 cents under the $14 mark. Meal rallied the strongest of the complex with gains of 2.3% to 2.9% at the close. BO futures closed firm on 2 to 7 point losses.Â
IGC reduced their global soybean production outlook by 1 MMT to 386 MMT. That is still up sharply from last year’s 355 MMT and from 2020/21’s 370 MMT. They had 54 MMT leftover for global ending stocks.Â
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 (September 1 to present) 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.Â
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.Â
Nov 22 Soybeans  closed at $13.91 1/2, up 19 cents,
Nearby Cash  was $13.46 3/8, up 20 cents,
Jan 23 Soybeans  closed at $14.00, up 17 1/4 cents,
Mar 23 Soybeans  closed at $14.07 3/4, up 16 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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