Overnight action in the soybean market left futures in the black for the week’s last trade day. Beans are 11 to 16 1/2 cents higher, meal prices are $5.10 to $5.90 in the black, and BO prices are up by as much as 1.09 cents. Yesterday, front month soybean futures dropped 13 1/4 to 17 3/4 cents to close, which left Jan as a net 36 3/4 cent gain for the week through Thursday. Meal prices ended the day 2.3% to 2.4% lower on the day, dragging Dec to a net loss on the week. BO futures were also weaker with 10 to 32 point front month losses.
IHS Markit expects the national U.S. soybean yield at 50.3 bpa, compared to their prior 49.9 bpa prior forecast. Their production outlook is 4.36 bbu.
Monthly Export data from Census had September soybean shipments at 2.123 MMT. That was near last year’s start, but was well below the 20/21 record 7.2 MMT. In the products Census data had 828,128 MT of September soymeal exports. Soy oil exports were 20,446 MT. That was down 21.05% from August but was 33.09% above last year.
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.
Nov 22 Soybeans closed at $14.26 3/4, down 13 1/4 cents, currently up 16 1/2 cents
Nearby Cash was $13.99 5/8 on Thursday, down 14 1/2 cents,
Jan 23 Soybeans closed at $14.37, down 17 cents, currently up 16 1/2 cents
Mar 23 Soybeans closed at $14.44, down 17 1/2 cents, currently up 16 1/2 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.
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