Soy Selling on Thursday

The soybean market is trading 1.3% to 1.8% in the red through Thursday’s midday. Futures are at or near their lows for the session with over 20c losses in the front months. Midday Soymeal futures are also in the red, with losses of as much as $5/ton. Soybean Oil prices are down 1.4% to 1.5% at midday. 

Weekly Export Sales data had 434,065 MT of soybeans sold during the week that ended 9/14. That was below the range of estimates. The accumulated commitments were at 627.5 mbu, which trails 928.9 mbu at this time last year. Soymeal sales were only 12k for old crop but 439k MT for 23/24. That included a 185k MT sale reported within the daily system, and was near the top end of the expected range. Total BO bookings were only 736 MT, with nearly all of it sold to Canada for 22/23 delivery. 

Chinese import data had 9.09 MMT of soybeans brought in for August. That was down from 9.36 MMT during Aug ’22, but beans sourced from Brazil increased 45% reflecting both their record crop and record export program. Their Customs data had US as the source for just 120k MT of the total, a 58% drop from Aug ’22. 

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  are at $12.96 1/4, down 23 3/4 cents,

Nearby Cash   is at $12.32 3/4, down 23 3/4 cents,

Jan 24 Soybeans  are at $13.13 1/2, down 22 3/4 cents,

Mar 24 Soybeans  are at $13.25, down 21 3/4 cents,