Beans are down by double digits into the release of Export Sales data. Soymeal futures ended the session off the lows but still down by $0.30 to $1.20/ton. Soy oil was the bull leader, having rallied +3% on 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.Â
There were 430 delivery notices against November soybeans overnight, the same receipts circulating. The difference this time is that Bunge was the stopper on all 430 contracts for the house account.Â
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.Â
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.Â
Nov 22 Soybeans  closed at $14.40, up 4 1/4 cents, currently down 12 cents
Nearby Cash  was $14.13 1/8 on Wednesday, up 8 3/8 cents,
Jan 23 Soybeans  closed at $14.54, up 6 1/4 cents, currently down 15 cents
Mar 23 Soybeans  closed at $14.61 1/2, up 7 1/4 cents, currently down 15 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.
