Nearby soybeans are trading 13 1/4 to 18 1/2 cents lower past the thinner Nov contract. Nov beans are down by 9 1/4 cents so far. Meal Is trading on 2% to 2.3% losses so far through midday. BO futures are mixed within 20 points of UNCH.
USDA’s weekly Export Sales data had 830k MT of beans sold during the week that ended 10/27. That was down 19% from the week prior and was at the low end of pre-report estimates. The weekly report had 2.652 MMT shipped during the week for the second highest since the week of 10/28/21, after last week. Accumulated soybean commitments were 32.3 MMT, compared to 32 MMT at the same point last year.
For the products, USDA reported 122k MT of soybean meal sales and 2,352 MT of soybean oil cancelations for the week that ended 10/27. That was under the pre-report estimate for both products. Mexico and Morocco were the top meal buyers, while Canada was the top BO purchase reduction.
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.
Nov 22 Soybeans are at $14.30 3/4, down 9 1/4 cents,
Nearby Cash is at $13.99 3/4, down 14 3/8 cents,
Jan 23 Soybeans are at $14.38, down 16 cents,
Mar 23 Soybeans are at $14.45 1/4, down 16 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.
