Soybean oil prices continue to drop so far through Friday, with a follow through of 3 to 4% thus far. Beans on the other hand are rebounding through midday, working mid-range on 3 3/4 to 6 1/2 cent gains. Soybean meal futures are mostly 40 cents to $1.10/ton higher. USDA’s weekly Ethanol report showed the MN average B100 Biodiesel price was $6.74/gal for the week, UNCH with the week prior.
StatsCan reported 2022/23 canola output at 18.174 MMT. That was down nearly 1 MMT from their prior report in Sep, where the low end of estimates was expecting a 500k MT cut. Last year’s crop was 13.757 MMT but was hindered by the drought, and 2020/21 was 19.48 MMT. Their soybean production is now forecasted at 6.543 MMT, mostly UNCH from Sept.
NASS confirmed 196.64 mbu of soybeans were processed during October. That was above the average of pre-report estimates (195.9), was up 17.33% from September, and was just 0.8% below the all time record. Soybean oil stocks were 2.094b lbs. The trade was looking for 2.107b ahead of the report.
China is set to auction 500k MT of imported soybeans on 12/9. StoneX estimates the Brazilian soy crop 737k MT higher than previous estimtes at 155 MMT. Private firm Datagro updated their estimate to 153.3 MMT for the 22/23 Brazilian bean crop.
Jan 23 Soybeans are at $14.34 3/4, up 5 cents,
Nearby Cash is at $14.12 1/1, up 4 7/8 cents,
Mar 23 Soybeans are at $14.42 1/2, up 5 3/4 cents,
May 23 Soybeans are at $14.50 1/4, up 5 3/4 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.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock.jpg)
