Soybean meal prices dropped 0.95% to 1.66% and soybean oil prices strengthened by 0.97% to 1.58% on the day leaving little room for beans through product values. That left soybean futures fractionally mixed at the close. New crop soybeans fell by 1 to 3 1/2 cents on the day.Â
Pre-report surveys show analysts expect between 0.8 and 1.6 MMT of soybeans were booked for export through the week that ended 10/20. Forward sales for 23/24 delivery are expected to be below 250k MT. Soymeal weekly export sales are estimated from 150k to 600k MT, with less than 20k MT of BO booked.Â
The European Commission reported 3.5 MMT of soybeans were brought into the EU for the 22/23 season through 10/23. That is down from the 3.92 MMT imported during the same 3 months of last year. The EU has also imported 4.94 MMT of soymeal, down from 5.17 MMT. Sunflower oil, palm oil, and rapeseed imports are all above last year’s pace.Â
Nov 22 Soybeans  closed at $13.81 3/4, down 1/4 cent,
Nearby Cash  was $13.37 1/4, up 1 1/4 cents,
Jan 23 Soybeans  closed at $13.93, up 3/4 cent,
Mar 23 Soybeans  closed at $14.01 3/4, up 3/4 cent,
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.
