Current soy prices are back to UNCH to 2 ½ cents in the red into the day session, though prices had rallied 5-7c overnight and got Nov back above the $13 mark briefly. The front month Soymeal futures ended the session with 2.3% to 3.2% gains. December meal traded at a 7 month high. That propped the soybean market up to finish the session 3 to 9 cents higher. November stayed under the $13 mark at the session high. Soybean Oil futures were 62 to 72 points lower on the day.
A Chinese delegation signed framework agreements in IA for soybeans, corn, sorghum and wheat, potentially signaling bulk purchases. Wire sources indicate the agreements ~$1b in business, the first of its kind with China since 2017. The agreements are a promise to buy X quantity over time, but previous framework deals have seen some export sales agreements within a few days of signing.
AgRural reported soy planting in Brazil advanced 13% points for the week to 30% complete. Soybean planting in Brazil’s largest soybean production state (Mato Grosso) is estimated to be 60% complete. Data from private analytics firm StoneX estimates that ~25% of the soybeans have been forward sold, up from 17% last year but trailing the 5-yr average for this point in the growing season.
Nov 23 Soybeans closed at $12.95 1/4, up 8 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $12.40 7/8, up 9 1/2 cents,
Jan 24 Soybeans closed at $13.14 1/2, up 9 cents, currently down 3 cents
Mar 24 Soybeans closed at $13.26, up 7 3/4 cents, currently down 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.
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