Midday beans are trading with double digit losses of as much as 12 1/4 cents. Prices bounced some after the day session’s open, but Jan stayed under the $14.50 mark. November beans expire at the close. Meal futures are trading $0.20 to $1.70 in the red so far. BO futures are down by triple digits with a 1.46% loss in Dec.
Weekly Inspections data confirmed 1.858 MMT of soybeans were exported through the week that ended 11/10. That was down from 2.61 MMT last week and was below the 2.43 MMT shipped during the same week last year. By port, USDA confirmed 56% of the week’s beans left via the Gulf, with 47.3% through the MS River specifically. China was the destination for 1.27 MMT of the total. USDA also added 20.5k MT of soybean exports to past reports for a season total of 14.69 MMT through 11/10. Last year had 16.625 MMT shipped through the same period.
Analysts expect the NOPA crush report will show between 175 mbu and 191.3 mbu for October, with the average pre-report estimate for a 184.464 mbu crush. If realized that would be up 17% from September, but near even with last season.
Safras and Mercado revised their soy production estimate 3 MMT higher for a 154.5 MMT Brazilian crop. USDA is at 152 MMT and CONAB went with 153.5 MMT.
Nov 22 Soybeans are at $14.41 3/4, down 13 3/4 cents,
Nearby Cash is at $14.09 1/2, down 11 3/8 cents,
Jan 23 Soybeans are at $14.38 1/2, down 11 1/2 cents,
Mar 23 Soybeans are at $14.43 1/2, down 10 1/4 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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