Soybeans are working another 1.2% to 1.4% red so far for midday. Meal futures are down by 0.6% to 0.8% for the Thursday trade. BO continues to lead the way lower with 2.8% to 3.2% drops so far.
USDA’s FAS had 3.03 MMT of soybean bookings for the week that ended 11/10. That was 317% higher on the week, was above the range of estimates, and was double the same week last year. It was the largest weekly soybean sales total September 17, 2020. The report included 1.14 MMT of previously announced sales including Mexico, China, and Unknown. China was the top buyer for the week with 1.54 MMT. Total soybean commitments, at 35.984 MMT, are staying 4% ahead of last year’s pace.
Soymeal sales were 267k MT, up by 57% from last week and 46% above the same week last year. Traders were looking for as much as 300k MT. Commitments were 4.4 MMT as of 11/10, which is 14% behind last year’s pace. For soy oil, the report had 374 MT, below the estimates and 0.6% of the same week last year.
Bolsa de Cerales projected Argentina’s soy crop at 47.8 MMT for the 22/23 season, down 2% from their prior forecast, citing the dry and delayed start.
Jan 23 Soybeans are at $14.13 3/4, down 15 1/2 cents,
Nearby Cash is at $13.89 3/4, down 15 1/8 cents,
Mar 23 Soybeans are at $14.19 1/4, down 15 1/2 cents,
May 23 Soybeans are at $14.25 3/4, down 15 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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