Soybeans rallied at the day session’s open, but have spent the rest of the morning fading back. So far the board has front months 6 to 9 1/2 cents in the red. Meal quotes are $1.40 to $3.70/ton lower so far. BO prices are also down by 20 to 23 points.
Weekly inspections data showed 2.591 MMT of soybeans were exported during the week that ended 11/3. That was slightly higher than the week higher and was under 2.91 MMT from the same week last year. China was the top destination for the week with 1.84 MMT, the majority of which left via the PNW. MS River bean shipments made up 50% of the week’s total to all destinations, and included 818k MT to China from the Gulf. USDA had the accumulated export total at 12.813 MMT as of 11/3, trailing last season’s pace by 1.378 MMT.
Ahead of the monthly WASDE report, analysts surveyed are looking for a 0.1 bpa yield boost to 49.9 bpa. That would take production up to 4.322 bbu if the trade average guess is realized. Ending stocks, however, are projected to loosen by an additional 3.3 mbu relative to October, to 211.9 mbu, reflecting demand loss.
The Rosario Grains Exchange reported 5% of beans in Zona Nucleo (corn belt region of Pampas) was planted as of 11/9 – a 12-yr low pace.
Nov 22 Soybeans are at $14.43, down 8 1/2 cents,
Nearby Cash is at $14.16, down 9 1/2 cents,
Jan 23 Soybeans are at $14.52, down 10 1/4 cents,
Mar 23 Soybeans are at $14.59 1/2, down 9 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.
