Current soybean futures are fractionally to 2 ½ cents in the red. Soymeal futures are trading $4 higher at midday. Soybean Oil futures are currently 114 to 120 points lower.
USDA’s weekly Export Sales report showed 672,2123 MT of soybeans were sold during the week that ended 9/21. That was up 55% for the week, but was down 20% yr/yr and near the low end of the expected range. Soybean commitments were listed at 17.75 MMT or 652.2 mbu. That’s 30% behind last year’s pace. Meal sales were reported at 358.8k MT, including 17k MT for old crop and 376k MT for 23/24. New crop meal commitments are at 3.73 MMT or 71% ahead of the same time last year. The week’s BO sales were 4.6k MT for the week – the largest sale since May.
StatsCan reported August’s canola crush was 829k MT, up 31% yr/yr. Canadian Canola Prices are trading $12 CAD/MT higher through midday.
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 are at $13.00, down 3 1/4 cents,
Nearby Cash is at $12.34 1/4, down 3 1/2 cents,
Jan 24 Soybeans are at $13.19 1/4, down 3 3/4 cents,
Mar 24 Soybeans are at $13.32 1/4, down 3 1/2 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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