Soybeans are still trading in the black through midday, but the front months have faded back from their earlier recovery. November dropped 6 cents from the session high and is now back below the $13 mark. Soymeal futures are trading $1 to $1.60/ton in the red. Front month Soybean Oil futures are up by triple digits, with October working to reduce the net pullback for the week. USDA reported the cash B100 prices as $6.15 in IL and $4.85/gal in MN – both UNCH for the week.
The International Grains Council released their updated 23/24 soybean outlook. Production fell 2 MMT to 396 MMT, but is still up from 367 last season. Carryout got 2 MMT tighter as well, now to 62 MMT.
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.
Nov 23 Soybeans are at $12.96 3/4, up 3 cents,
Nearby Cash is at $12.32 1/4, up 3 1/8 cents,
Jan 24 Soybeans are at $13.13 3/4, up 3 cents,
Mar 24 Soybeans are at $13.24 1/2, up 2 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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