Friday Rally in Soy

So far for the week’s final trading session the market is back up by 1.2% to 2% in the beans, by 1.2% to 1.4% in the meal, and soy oil is another 1.3% to 1.6% stronger – with Dec within 2 cents of the LoC high. Soybean futures ended the Thursday session with losses of 22 3/4 to 29 1/2 cents and closed near their daily low. Products were mixed on the day, with meal futures going home 2.5% to 3.2% in the red, but BO rising 0.2% to 0.7%.  

There were no deliveries against November soybeans overnight. The oldest long is now dated November 2, 2022. 

FAS Export Sales data showed 795k MT of soybeans were booked during the week that ended 11/3. That was within the range of estimates and did not include any of this week’s larger announcements. China was the top buyer with 927k MT – including 594k MT previously reported as sold to unknown destinations. Accumulated soybean commitments reached 33.1 MMT (1.216 bbu) as of 11/3. That trails last year’s pace by just 0.4% - representing 60% of the forecast; also matching last year’s pace. 

In the products, USDA had 170k MT of soymeal bookings and 2.7k MT of BO sales for the week. Traders surveyed were looking for between 100-300k MT in meal and below 20k MT of oil going in. 

China’s COFCO expects soy crush there to total 94 MMT in 2022. That would be 3 MMT above the last year’s crush. 

Nov 22 Soybeans  closed at $14.30 1/2, down 29 1/4 cents, currently up 29 3/4 cents

Nearby Cash   was $13.94 ¼ on Thursday, down 27 1/8 cents,

Jan 23 Soybeans  closed at $14.23, down 29 cents, currently up 23 cents

Mar 23 Soybeans  closed at $14.28, down 29 1/4 cents, currently up 23 cents