Led by sharp drops in the soy oil market, soy futures posted double digit losses on Wednesday. BO futures fell by 3.2% to 3.77% on the day, taking the Dec contract to the lowest since 11/04. Soybeans then dropped by 1.2% to 1.9%. Meal futures were 0.7% to 0.8% weaker on the day.
That price action moved the CME Synthetic Soy Crush 2.6% lower to $2.52 3/4 per bushel on the Jan crush. The new crop crush for Dec ’23 was $1.65/bu.
Weekly Export Sales are expected to be between 900k MT and 1.7 MMT for soybeans from the week that ended 11/10. New crop soybean sales are estimated between 0-100k MT. For the products, traders are looking for between 90k MT and 300k MT of meal sales and 0-20k MT for soy oil.
Jan 23 Soybeans closed at $14.29 1/4, down 28 cents,
Nearby Cash was $14.04 1/1, down 27 cents,
Mar 23 Soybeans closed at $14.34 3/4, down 27 cents,
May 23 Soybeans closed at $14.40 3/4, down 26 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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