New crop soybean prices are fractionally to 4 cents higher at midday, while old crop prices are fractionally to 4 1/4 cents lower. Meal prices are also off their lows but still down by $3.40 to $3.60/ton. BO futures are on the rally with gains of as much as 2.8% for midday.
NOAA’s 7-day QPF shows rain from WI to LA along the MS river line. Accumulations along N.E. IA and S.W. WI will reach 4”, but most of the area will get between 3/4” to 2 1/2” through the week.
The monthly Fats and Oils report had 167.99 mbu of soybeans processed during September. That was in line with the pre-report estimates and up 4.7 mbu from Sep last year. In August, soy crushers processed 175.87 mbu. Soybean oil stocks were shown as 1.999b lbs, just above the 1.976b expected.
Brazil’s Ag Rural reported 46% of the 22/23 soybean crop was planted as of 10/27. That was up from 34% the week prior, but trails 52% during the same time last year. Reports on the wire suggest Brazilian truckers began blocking roads in protest of the Lula presidential election. Shipments have yet to be impacted, but is no indication for a duration of the estimated 236 protests in 20 states.
Nov 22 Soybeans are at $14.31 1/2, down 4 1/4 cents,
Nearby Cash is at $14.04 3/4, down 7/8 cent,
Jan 23 Soybeans are at $14.45 3/4, down 2 cents,
Mar 23 Soybeans are at $14.53 1/2, down 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.
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