Front Month Soy Futures Gaining

Soy futures are trading with morning strength of 1 to 2 cents in beans, and meal up by $1.70 to $2.30/ton BO prices are down by 25 to 45 points. The new week of soybean trading started with double digit losses in the front month contracts. November was down the most, off 1.68%. Preliminary open interest showed long liquidation totaling 21,566 contracts for November. Other contracts showed net new selling. 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  to 80% finished, compared 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% 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. Accumulated exports from Sept 1 total 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, down 6.6% from last year at this time. 

Nov 22 Soybeans  closed at $13.72, down 23 1/2 cents, currently up 1 cent

Nearby Cash   was $13.27 on Monday, down 23 1/8 cents,

Jan 23 Soybeans  closed at $13.81 1/4, down 23 1/4 cents, currently up 3/4 cent

Mar 23 Soybeans  closed at $13.89 1/4, down 22 1/2 cents, currently up 1 1/4 cents