Soy futures are trading mostly lower with 2 to 5 cent weakness in soybeans into report day’s day session. Overnight meal trade added to the Tuesday gain with the board another $2 higher so far. Soymeal prices were the complex’s canary on Tuesday, though even gains there were limited to 0.5% in the front months. Soybean prices gave back 3 3/4 to 6 3/4 cents on the day past the in-delivery Nov’s 4 cent gain. BO prices fell triple digits with 115 to 130 point losses.
USDA announced some large private soybean export sales yesterday under the daily system, including a 144k MT sale to Mexico, a 138.7k MT sale to China, and a 132k MT sale to unknown destinations.
Brazil’s AgRural reported soybean planting was 57% complete as of 11/3, compared to 67% last year – citing early rain delays.
Prior to Wednesday’s WASDE report, analysts surveyed are estimating USDA to tweak world bean carryout by 0.1 MMT higher to 100.6 MMT.
USDA’s Ag Attache has China’s soybean production forecasted at 19 MMT, which is 600k MT above the official USDA forecast and is a 2.6 MMT increase yr/yr. Their imports were shown as 96.5 MMT, compared to USDA’s official 98 MMT forecast.
Nov 22 Soybeans closed at $14.44, up 4 cents, currently down 1/4 cents
Nearby Cash was $14.14 ¾ on Tuesday, down 1 1/2 cents,
Jan 23 Soybeans closed at $14.46 1/2, down 3 3/4 cents, currently down 2 1/2 cents
Mar 23 Soybeans closed at $14.53 1/4, down 4 3/4 cents, currently down 2 3/4 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.
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