Front month soybean futures closed 6 to 14 ¼ cents in the black. Nov held above the $13 mark for the day, though was below the mark on the session low. Soymeal futures led the rally with 2.5% to 3.5% gains on the session. Soybean Oil futures finished the session with 49 to 57 point losses.
USDA announced a 132k MT sale of soybeans to China this morning. Analyst expectations for the weekly Export Sales report range from 950k to 1.625 MMT for old crop bean sales during the week that ended 10/12. New crop bookings are estimated to be below 125k MT. Soymeal bookings are expected to come in between 150k and 550k MT. Soy oil bookings are expected to be below 10k MT.
NOPA members processed 165.456 mbu of soybeans in September, up 2.5% from Aug and 4.6% from Sep ’22. Soy oil supplies at NOPA members were 1.108b lbs, the tightest since Dec ’14.
ABIOVE forecast Brazil’s 23/24 soybean crop at 164.7 MMT, above last week’s USDA forecast of 163 MMT. ABIOVE sees whole bean exports at 100 MMT vs. USDA at 97.5 MMT. They are lower on crush at 54 MMT vs. WASDE at 55.75 MMT.
Nov 23 Soybeans closed at $13.11, up 14 1/4 cents,
Nearby Cash was $12.53 3/4, up 14 7/8 cents,
Jan 24 Soybeans closed at $13.29 1/4, up 13 cents,
Mar 24 Soybeans closed at $13.40, up 10 3/4 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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