Front month soy futures ended the day higher on a bounce back from Thursday. Beans closed with 1.6% to 1.9% gains of as much as 27 cents. That left the Jan contract at a net 12 1/4 cent loss for the week. Meal futures were up by 0.8% on the day for a weekly $13 drop loss. BO prices rallied 1.2% to 1.4% higher on Friday – for a net wk/wk loss of 20 points.
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 large announcements. China was the top buyer with 927k MT – including 594k MT previously reported as unknown. 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. Last year, USDA raised 108 mbu from their November forecast.
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 to total 94 MMT in 2022. That would be 3 MMT above the last year’s crush.
Nov 22 Soybeans closed at $14.55 1/2, up 25 cents,
Nearby Cash was $14.21 7/8, up 26 1/2 cents,
Jan 23 Soybeans closed at $14.50, up 27 cents,
Mar 23 Soybeans closed at $14.53 3/4, up 25 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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