Soybeans are trading another 1 ½ to 6 ¼ cents in the red with follow through selling after the WASDE report. Soymeal futures are also $1.30 to $5.20/ton in the red. Soybean Oil futures are bouncing with triple digit gains so far.
USDA’s monthly WASDE report had soybean yield 0.8 bpa lower at 50.1 bpa. NASS had IA’s state yield UNCH at 58, as IL was cut 1 bpa to 61. The monthly supply side update also added 100k acres for a net production reduction of 59 mbu vs. August. The trade was looking for a 55 mbu cut. The demand side lost 45 mbu. That put carryout at 220 mbu, 25 mbu tighter than the month prior’s forecast. On the world stage production fell by 1.5 MMT, and global soybean carryout was 150k MT tighter to 119.25 MMT.
Abiove estimates Brazil’s 2023 soybean export of 99 MMT, +500k from their prior forecast. That comes off a 157.3 MMT production outlook.
Sep 23 Soybeans are at $13.25 1/2, down 6 1/4 cents,
Nearby Cash is at $12.78 7/8, down 5 5/8 cents,
Nov 23 Soybeans are at $13.40 3/4, down 5 3/4 cents,
Jan 24 Soybeans are at $13.57, down 5 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. For more information please view the Barchart Disclosure Policy here.
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20outside%20building-by%20BING-JHEN_HONG%20via%20iStock.jpg)
/Dominos%20Pizza%20Inc%20storefront%20by-KathyDewar%20via%20iStock.jpg)