Beans Near UNCH after Report

Soybean prices are off their initial reaction lows into midday. Prices were working in the black going into the report. Front month soybeans are trading 3 1/2 to 5 cents in the red. Meal futures are down $1.40 to $1.80/ton so far at midday. BO futures are trading with midday strength of 21 to 35 points. USDA made no changes to the cash bean or cash soy oil prices, but raised meal by $10/ton to $400 flat. 

USDA announced another round of private export sales, with 264k MT of soybeans sold to China and 198k MT sold to unknown destinations. 

Monthly WASDE data revised the average soybean yield 0.4 bpa higher to 50.2 bpa. That compares to the average trade estimate of 49.9 bpa, the May WASDE’s trendline of 51.5 bpa, and 51.7 bpa last year. Production is now figured at 4.346 bbu. On the demand side, USDA raised crush by 10 mbu and left exports alone for a net 20 mbu looser stock pile of 220 mbu. 

Globally, the WAOB trimmed production by 460k MT to 390.53 MMT mostly via a 1.5 MMT reduction in Argentina. Brazil was left UNCH in the report at 152. The CONAB soy output projection was raised by 1.2 MMT to 153.5 MMT. China’s balance sheet was mostly UNCH, save for a slightly higher carry-in. 

Brazil’s AgRural reported soybean planting was 57% complete as of 11/3, compared to 67% last year – citing early rain delays. 

Nov 22 Soybeans  are at $14.47 3/4, up 3 3/4 cents,

Nearby Cash   is at $14.10 3/8, down 3 1/2 cents,

Jan 23 Soybeans  are at $14.42 1/4, down 4 1/4 cents,

Mar 23 Soybeans  are at $14.48 3/4, down 4 1/2 cents,