Front month soybean futures are down by over 1% with 14 ¼ to 15 ¾ cent losses. Nov has faded nearly all but a penny of the 16 ¾ cent expiration gap from September. Soymeal futures are down $4 to $4.40 at midday. Soybean Oil is the complex’s outlier with gains of 11 to 23 points so far.
USDA’s weekly Transport data showed spot delivery for NOLA soybeans were being bid at $14.67/bu. Barchart has Port Santos Soybean FOB ~$14.87/bu, or ~20c higher.
Ukrainian Ag Ministry has sunflower harvest at 1.04 MMT as of 9/15. That is up 12% from the same point last year.
StatsCan forecasts 2023 canola production at 17.368 MMT, compared to 18.695 MMT last year. Canadian soybean production was marked at 6.722 MMT, up 2.7% yr/yr.
NOPA members reported processing 161.45 mbu of soybeans in August. That is a 2.5% drop from Aug ’22 and was at the low end of the pre-report range of estimates – the average was to see 167.8 mbu. Soy oil stocks came in at 1.25 billion lbs – the tightest since October 2017.
Nov 23 Soybeans are at $13.46, down 14 1/2 cents,
Nearby Cash is at $12.81 1/1, down 15 1/2 cents,
Jan 24 Soybeans are at $13.61 3/4, down 14 cents,
Mar 24 Soybeans are at $13.70 3/4, down 14 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.
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