Soybean futures are working lower with the rest of grains, after additional information from the Poland incident removed uncertainty premiums. Soybean futures closed the session with 14 to 17 cent gains on Tuesday. Jan was trading with 24 cent gains at the day’s highs. Preliminary open interest data showed very modest net new buying, up 724 contracts on the day. Meal futures ended with gains of $3.90 to $4.80/ton. BO prices closed with 67 to 79 point gains.
NOPA members reported processing 184.464 mbu of soybeans in October. That was up 17% from September and 0.2% from October 2021. Through the first two months of the season NOPA members processed 342.57 mbu. BO stocks were 1.528b lbs.
The updated soybean production forecast from Barchart was 4.764 bbu – UNCH from their prior forecast. That came via a 52.94 bpa yield. IHS Markit estimates the 2023 soybean crop will be planted on 88.515m acres.
Malaysia’s B20 mandate was delayed until the end of 2022.
Jan 23 Soybeans closed at $14.57 1/4, up 16 3/4 cents, currently down 15 cents
Nearby Cash was $14.31 3/4, up 19 1/8 cents,
Mar 23 Soybeans closed at $14.61 3/4, up 17 cents, currently down 15 cents
May 23 Soybeans closed at $14.67, up 16 cents, currently down 14 1/2 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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