Beans closed up by 4 ½ to 8 cents in the black for the midweek session. That left Nov near the highs for the day, and limited the week’s net loss to 20 cents. Soymeal futures closed $5.70 higher on the day leading the complex. Soybean Oil futures were down 93 to 108 points across the front months.
Survey respondents expect that between 550,000 MT and 1.2 MMT of soybeans were sold for export during the week that ended 9/14. Meal sales for 22/23 delivery are estimated to have been between 200k MT of net cancelations and 100k MT of net new sales. Analysts expect between 235k MT and 550k MT of 23/24 meal was sold for export during the week. Soy oil export sales estimates range from +/-10k MT for 22/23 and 0-10k MT for 23/24.
Brazil’s COBAB estimated a 5.1% yr/yr increase for soybean production with a 2.8% higher area – with 162.4 MMT expected. Abiove expects a 9% increase for the year’s crush capacity – to ~75 MMT.
Nov 23 Soybeans closed at $13.20, up 4 1/2 cents,
Nearby Cash was $12.55 3/8, up 4 1/2 cents,
Jan 24 Soybeans closed at $13.36 1/4, up 4 1/2 cents,
Mar 24 Soybeans closed at $13.46 3/4, up 4 1/2 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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