Soymeal futures ended the session off the lows but still down by $0.30 to $1.20/ton. Soy oil was the leader on the day, having rallied +3% on the crude oil strength. Beans themselves found balance from the two products on 0.3% to 0.6% gains for the day. That ended the session with a 6 1/4 cent gain for Jan.
StoneX expects the US bean crop to be 4.413 bbu. That comes via a 50.9 bpa yield forecast, compared to 51.3 bpa in their prior estimate. IL is forecasted with a 65 bpa bean crop, with a 62 bpa yield in IA.
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.
Weekly soybean bookings are expected to be between 700k MT to 1.6 MMT for the week that ended 10/27. New crop soybean sales are estimated to be less than 75k MT. Analysts project 150k MT to 400k MT of soymeal was sold. BO bookings are estimated between 0 and 20k MT.
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 closed at $14.40, up 4 1/4 cents,
Nearby Cash was $14.13 1/8, up 8 3/8 cents,
Jan 23 Soybeans closed at $14.54, up 6 1/4 cents,
Mar 23 Soybeans closed at $14.61 1/2, up 7 1/4 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.
