Redness in Soy Market

Front month soy futures are working lower into the day session of Friday. Morning bean quotes are 7 to 8 cents red, meal futures are down 30 cents, and BO is 60 points in the red. The soybean futures market stayed in a 16c/bu range (Jan), from -4c to +12c, but ultimately settled with a fractionally mixed board. New crop prices were weaker on the day. Meal futures rallied on Thursday, gaining $5.50 to $6.70/ton by the close. BO ended the session nearer to the lows on 49 to 112 point losses. 

USDA reported 1.03 MMT of soybeans were sold for export during the week that ended 10/20. That was down from 2.3 MMT last week and from 1.06 MMT during the same week last year. 333k MT were previously announced and traders were looking for between 800k and 1.6m MT ahead of the report. China was the top buyer with 1.115 MMT – though 664k MT came from previously reported sales to unknown. The data showed 31.5 MMT of 22/23 bean commitments, compared to 30.14 MMT last year. 

FAS data had the week’s meal sales as 217k MT, compared to 542k MT last week and between 150k and 600k MT expected. For soybean oil the report showed Canada was the exclusive buyer of 2.5k MT. Accumulated soy oil commitments sat at 31,889 MT through the first 3 weeks of data – the lowest since reporting began. 

Nov 22 Soybeans  closed at $13.82 1/4, up 1/2 cent, currently down 7 cents

Nearby Cash   was $13.41 3/8 on Thursday, up 3 7/8 cents,

Jan 23 Soybeans  closed at $13.93 1/2, up 1/2 cent, currently down 8 cents

Mar 23 Soybeans  closed at $14.02, up 1/4 cent, currently down 8 1/2 cents