
The soy futures market is red so far into the last trade day of the week. Soybean futures bounced on Thursday with double digit gains taking the back months back above $14. November closed 19 cents higher on the day. 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.
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.
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.
CME Group announced that the daily limit for soybeans will drop from $1.15/bu to $1.00 per bushel on November 1. Expanded limit will be $1.50.
Nov 22 Soybeans closed at $13.91 1/2, up 19 cents, currently down 12 cents
Nearby Cash Soybeans were $13.46 3/8 on Thursday, up 20 cents,
Jan 23 Soybeans closed at $14.00, up 17 1/4 cents, currently down11 3/4 cents
Mar 23 Soybeans closed at $14.07 3/4, up 16 cents, currently down 11 3/4 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.