The new week of soybean trading starts with double digit losses in the front month contracts. November was down by the most after the options expiration on Friday, having settled 1.68% in the red. Meal prices also weakened on the day, going home with 1.7% to 2.2% losses. BO futures ended the day mixed but mostly higher with a 37 point gain for December.
The 2022/23 soybean harvest progressed 17% to 80% finished as of 10/23. That compares to 71% last year and 67% on average. At the state level, MN reached 95% harvested, compared to 79% on average and ND was 92% finished compared to 72% on average. In Iowa, farmers cut beans from 88% of their fields, compared to 68% on average. IL beans were 78% harvested, compared to 74% on average.
Weekly Export Inspections showed 2.889 MMT of soybeans were shipped during the week that ended 10/20. That was 12.5% above the same week last year and was 32% higher than the 5-yr average for the week. Shipments from the Mississippi River were 1.277 MMT, compared to 1.22 MMT shipped out of the PNW. China was the destination for 3/4 of the total. The USDA also added 42.4k MT to recent reports, taking the season’s accumulated export total to 7.6 MMT as of 10/20. That is down from 8.6 MMT at the same point last year.
China reported 7.72 MMT of soybeans were brought in during September. That compares to 7.17 MMT in August and 6.88 MMT during Sep ’21. YTD China has imported 69.04 MMT of soybeans, a 6.6% lighter volume than last year.
Nov 22 Soybeans closed at $13.72, down 23 1/2 cents,
Nearby Cash was $13.27, down 23 1/8 cents,
Jan 23 Soybeans closed at $13.81 1/4, down 23 1/4 cents,
Mar 23 Soybeans closed at $13.89 1/4, down 22 1/2 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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