Soybean futures had a wild roller coaster day for the midweek trade, leading the Jan contract back and forth within an impressive 24 1/4 cents (from +11 to -13 cents). Ultimately the board ended the session closer to the highs on fractional to 5 1/2 cent gains. The November contract was up 15 3/4 cents. Soymeal prices were down by $0.80 to $1.70/ton on the day. Soy oil futures closed 47 to 51 points in the black. USDA made no changes to the cash bean or cash soy oil prices, but raised meal by $10/ton to $400 flat.Â
USDA announced another round of private export sales, with 264k MT of soybeans sold to China and 198k MT sold to unknown destinations. Pre-report Export Sales estimates are to see between 600k and 1.2m MT of soybean bookings in the week that ended on 11/3. New crop sales are expected to be below 50k MT.Â
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.Â
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.Â
Nov 22 Soybeans  closed at $14.59 3/4, up 15 3/4 cents,
Nearby Cash  was $14.21 3/8, up 7 1/2 cents,
Jan 23 Soybeans  closed at $14.52, up 5 1/2 cents,
Mar 23 Soybeans  closed at $14.57 1/4, up 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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