Gains in Soybean Market

So far the soy futures market is up 5 1/2 to 6 cents so far. Meal futures are trading $0.50 to $1.90 in the black. BO futures are trading 12 to 20 points higher. 

USDA announced a private export sale of 261,272 MT of soybeans to Mexico. 

The updated soybean production forecast from Barchart was 4.764 bbu – UNCH from their prior forecast. That came via a 52.94 bpa yield. 

Weekly Crop Progress data showed soybean’s harvest advanced 2% points to 96% complete. That is 5% points ahead of average, with LA, NE, ND, and SD now finished. Iowa and Illinois were 99% and 98% harvested respectively. 

Malaysia’s B20 mandate was delayed until the end of 2022. 

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. 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. 

Jan 23 Soybeans  are at $14.45 1/4, up 4 3/4 cents,

Nearby Cash   is at $14.17 5/8, up 5 1/8 cents,

Mar 23 Soybeans  are at $14.49 3/4, up 5 cents,

May 23 Soybeans  are at $14.56, up 5 cents,