Tuesday morning finds soybean futures with another 4c gain and near the overnight highs. Soybeans were up 2 ¾ to 6 cents on Monday. November beans traded within a 9 ½ cent range. Soymeal futures worked back off the lows and closed higher on $0.10 to $0.20 gains. Soybean Oil futures ended the session with triple digit gains of as much as 152 points.
Weekly NASS data showed 97% of soybeans were dropping leaves as of 10/15. That remains 4% points ahead of average maturity. The report showed harvest had advanced 19% points to 62% finished. Iowa harvest was 20 points ahead of average at 74% complete, while NE was 8% ahead of average and IL was 8ppts ahead of average. The national pace was 10ppts ahead of the 5-yr average. National final soybean conditions were 2 points higher for the week to 337 on the Brugler500 index. That is 10 points below the same week last year and was 25 points below the initial ratings for the season.
The weekly Inspections report had 2.01 MMT of soybean exports for the week that ended 10/12. That was up 43% for the week and was 4% above the same week last year. China was the top destination with 1.36 MMT of the total. China needs to average roughly 1.9 MMT per week from all sources to meet full year import projections. The weekly data had US total bean shipments at 5.4 MMT for the season, a 14.5% lead over last year’s slow pace.
NOPA members processed 165.456 mbu of soybeans in September, up 2.5% from Aug and 4.6% from Sep ’22. The average trade guess was to see 161.7 mbu. Soy oil supplies at NOPA members were 1.108b lbs, the tightest since Dec ’14. Domestic consumption appears to be record large, driven by heavily subsidized renewable biodiesel production.
Nov 23 Soybeans closed at $12.86 1/4, up 6 cents, currently up 4 cents
Nearby Cash was $12.26 1/4, up 6 3/4 cents,
Jan 24 Soybeans closed at $13.05 3/4, up 5 3/4 cents, currently up 4 cents
Mar 24 Soybeans closed at $13.18 3/4, up 6 cents, currently up 4 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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