The Friday soy market initially tried to work lower, but futures have been bouncing through the midday portion. That has beans in the black by 5 12to 6 1/2 cents so far. Soymeal futures are trading $6.10 to $9.10/ton higher at midday. The soy oil market is still in the red with 28 to 80 point midday losses. USDA quoted the B100 cash price at $7.13/gal in MN for the week, up by 45 cents.
NOAA’s updated 7-day QPF has moderate rainfall in the TX gulf, with 2” for Eastern TX. The S.E. tip of MO is expected to catch some rain as well, though accumulations are capped at 1”. This is helpful for the MS River level, though the gauges at St. Louis and Memphis remain near current deficit levels in the forecast through November 10th.
USDA announced two private export sales this morning. Chinese importers booked 126k MT of soybeans, and 198k MT were sold to Spain.
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.
Nov 22 Soybeans are at $13.88 3/4, up 6 1/2 cents,
Nearby Cash is at $13.48 1/1, up 6 1/2 cents,
Jan 23 Soybeans are at $14.00, up 6 1/2 cents,
Mar 23 Soybeans are at $14.08, up 6 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.
