November soybean options will expire at the close with the $14 strike still in play. Currently $14 puts are about seven cents in the money with the calls set to expire worthless. The other front months are fractionally higher to 2 3/4 cents in the black. Meal prices are trading with a mixed midday of 20 cents higher in December to $1.30 lower in March ’23. BO prices are 80 to 91 points in the black so far.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
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.Â
Nov 22 Soybeans  are at $13.92 3/4, up 1 1/4 cents,
Nearby Cash  is at $13.47 1/4, up 7/8 cent,
Jan 23 Soybeans  are at $14.02 1/2, up 2 1/2 cents,
Mar 23 Soybeans  are at $14.10, up 2 1/4 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.
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