Front month soybean futures ended the midweek session with 6 ¾ to 2 cent gains in the back months and a fractional gain in the November. Nov beans printed a 20c range on the day, but closed 14c off the high. November is at a 7c gain for the week. Soymeal futures ended in the red on Wednesday, with losses of $3.60 to $3.90. Soybean Oil futures were off their highs and settled the session 51 to 75 points in the black.
StatsCan reported August’s canola crush was 829k MT, up 31% yr/yr. Canadian Canola Prices are trading $12 CAD/MT higher through midday.
Soy export sales for 23/24 delivery are estimated between 500k MT and 1.2 MMT for the beans, 225k-550k MT for the meal, and 0-10k MT for the oil. Old crop bookings are estimated between 200k MT of net cancelations and 100k MT of net new business for the meal, and +/-10k MT for the oil.
The pre-report surveys show traders on average expect 244 mbu of soybean stocks for Sep 1. If realized that would be 6 mbu tighter than the September WASDE projection. The range of estimates was 216 mbu and 270 mbu for that quarterly NASS report on Friday.
Private consultant Michael Cordonnier lowered his estimate of US average soybean yield to 49 bpa, with the crop at 4.05 billion. The EIA monthly Energy Review showed biodiesel and renewable diesel production up slightly in June, but capacity utilization dropped to around 85%.
Brazil’s Anec estimated Sep soybean exports at 6.23 MMT, compared to 3.58 MMT at the same point last year. Meal shipments were 430k MT higher yr/yr with 2.18 MMT. Ag Rural reported soy planting at 1.9% finished as of 9/21. That compares to 1.5% at the same time last year.
Nov 23 Soybeans closed at $13.03 1/4, up 1/2 cent,
Nearby Cash was $12.38 3/4, down 1/4 cent,
Jan 24 Soybeans closed at $13.23, up 2 cents,
Mar 24 Soybeans closed at $13.35 3/4, up 3 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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