Beans Fractionally Mixed

Soybeans are currently back to UCNH in early Friday futures activity. The overnight session stayed in a tight 6c range. Front month bean prices settled 2 ¾ to 4 ¼ cents lower on Thursday. Preliminary open interest showed net new selling, increasing 6,332 contracts on the lower market. 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. 

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. NASS is scheduled to release the quarterly report at 11 central. 

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. In a related note,  China has indicated to exporters that standard moisture for imported soybeans must be 13% or less, effective December 1. 

Nov 23 Soybeans  closed at $13.00 1/2, down 2 3/4 cents, currently down 1/4 cent

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, currently UNHC

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