
Front month soy futures are trading with 1 ¾ to 7 cent gains in the beans, and a $4 recovery in meal this morning. Soybean futures fell by 0.3% to 0.4% on Tuesday. November was down a net 2 ¼ cents after two sessions this week. Soymeal futures ended with $1.70 to $4.40 losses, leaving the October contract at the lowest print since July ’22. Soybean Oil futures closed the session with 30 to 40 point losses on the day’s loss. There were another 58 contracts put out against October meal overnight, with ADM again a stopper for the house account of 46 of them.
USDA announced a 265k MT soybean sale to China this morning on Tuesday.
Strategie Grains increased their Europe rapeseed production forecast by 600k MT to 19.5 MMT.
The weekly Crop Progress report had 86% of soybeans dropping leaves as of 10/1. Harvest advanced 11% points to 23% finished. The average pace is to be 22% finished. The condition ratings improved, which is often the case after the combines roll. The Brugler500 Index rose 5 points to 339. Indiana jumped the most.
The monthly Fats and Oils report had 168.98 mbu of soybeans crushed for August. That was down from 184.8 mbu in July and was 6 mbu lighter than Aug ’22. The 22/23 soy crush totaled 2.212 bbu. (about 8 mbu below the September WASDE figure). Soybean oil stocks were drawn down to 1.772b lbs, from 2.166 billion in July. That’s the tightest inventory since 2017 and a testament to increased biofuel use.
Nov 23 Soybeans closed at $12.72 3/4, down 4 1/4 cents, currently up 6 3/4 cents
Nearby Cash was $12.08 1/1, down 4 1/8 cents,
Jan 24 Soybeans closed at $12.92, down 4 3/4 cents, currently up 6 1/2 cents
Mar 24 Soybeans closed at $13.07 1/2, down 5 3/4 cents, currently up 5 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.