After the double digit gains on Tuesday, midweek soybean futures are back down by 16 3/4 to 29 cents so far. That has the Jan contract working at a wk/wk loss of 21 3/4 cents, but the contract is still within last week’s range. Meal futures are also down by 0.97% to 1.3% so far. BO is trading the weakest through midday, with losses of as much as 3.6%.
Following the month early FSA acreage adjustment in September, where NASS released updated acreage data in September citing sufficient data to do so, the USDA announced this will be permanent going forward.
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.
Jan 23 Soybeans are at $14.29, down 28 1/4 cents,
Nearby Cash is at $14.03 1/4, down 27 5/8 cents,
Mar 23 Soybeans are at $14.34 3/4, down 27 cents,
May 23 Soybeans are at $14.41 1/2, down 25 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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