Nov Beans Back Under $13

Soybeans are back down so far from Wednesday, while awaiting fresh export data from USDA. The Nov contract is back below the contested $13 mark. Front month soybean futures ended the midweek session with 6 ¾ to 2 cent gains in the back months and a fractional gain for November. Preliminary open interest suggests short covering, dropping a modest 650 contracts for the session. Nov beans printed a 20c range on the day, but closed 14c off the high. November had a 7c gain for the week to date. 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 marketing year began September 1 for soybeans, but is based on October 1 for the products. 

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. 

Nov 23 Soybeans  closed at $13.03 1/4, up 1/2 cent, currently down 9 1/2 cents

Nearby Cash   was $12.38 3/4, down 1/4 cent,

Jan 24 Soybeans  closed at $13.23, up 2 cents, currently down 9 cents

Mar 24 Soybeans  closed at $13.35 3/4, up 3 cents, currently down 8 1/4 cents