Beans Red with Nov Expiration

Soy markets are gaining in the meal, but down 5 1/4 to 9 1/4 cents in the beans and down 65 to 73 points in the oil so far for the Monday session. 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. January was down 12 1/4 cents 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. 

There were zero deliveries against November soybean futures over the weekend, with the oldest long now dated November 7. Today is the last trading day for the November contract. Preliminary open interest shows net new buying in beans on Friday, rising 9,729 contracts on the higher price action. November OI was down to 69 contracts. 

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.   

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

Nov 22 Soybeans  closed at $14.55 1/2, up 25 cents, currently up 4 1/2 cents

Nearby Cash   was $14.21 7/8 on Friday, up 26 1/2 cents,

Jan 23 Soybeans  closed at $14.50, up 27 cents, currently down 7 cents

Mar 23 Soybeans  closed at $14.53 3/4, up 25 3/4 cents, currently down 6 3/4 cents