Soybeans Close Lower on a Wide Ranged Thursday

Front month bean prices settled 2 ¾ to 4 ¼ cents lower on Thursday. Nov futures saw a wide 20 cent range and closed 13 ½ cents off the session low. Barchart data showed basis was -68c in the WCB and -61c in the ECB. That is a 24c wider basis than at the start of the month for the ECB, while the WCB has changed little. Soymeal futures settled $2.30 to $2.60 in the black on Thursday, leaving the October contract at a $4.20 gain for the week so far. Soybean Oil futures closed the day 108 to 133 points in the red as October now sits 232 points lower for the week. 

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. 

Safras and Mercado estimates Brazil’s 23/24 soy exports will hit 99 MMT. That is up 1% yr/yr on a projected 6% larger supply – figured at 168.9 MMT.

The pre-report surveys show traders on average expect 244 mbu of US 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 $13.00 1/2, down 2 3/4 cents,

Nearby Cash   was $12.35 1/1, down 2 7/8 cents,

Jan 24 Soybeans  closed at $13.19 1/4, down 3 3/4 cents,

Mar 24 Soybeans  closed at $13.31 1/2, down 4 1/4 cents,