
The current market is trading back up by 6 to 8 cents across the front months. That has Nove back above the $13 mark so far. Yesterday, soybeans closed with 1.5% to 1.99% lower on losses of as much as 26 ¼ cents. The November contract settled near the low for the session. Preliminary OI data showed long liquidation, down 2,854 contracts as futures dipped more than $1 per bushel below their August 28 high. Soymeal futures closed down by $6.80 to $7 after the weak Thursday session. The Soybean Oil market ended with 1.5% losses of 89 to 103 points.
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.
Argentina’s Ag Ministry is projecting 16 million HA of corn plantings, up from the drought impaired 15.0 million last year. USDA expects 16.4 million HA.
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. China Customs data showed the US as the source for just 120k MT of the total for the month, a 58% drop from Aug ’22.
Brazil’s CONAB 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 $12.93 3/4, down 26 1/4 cents, currently up 9 cents
Nearby Cash was $12.29 1/8, down 26 1/4 cents,
Jan 24 Soybeans closed at $13.10 3/4, down 25 1/2 cents, currently up 9 cents
Mar 24 Soybeans closed at $13.22 1/4, down 24 1/2 cents, currently up 9 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.