Beans Rallying 20 Cents

Friday’s soybean trade is 14 to 21 ¼ cents higher through midday. Jan futures are sitting on a net weekly gain of 29 cents so far. Current Soymeal prices are $10 to $12 higher. Soybean Oil futures have given back their initial gains and are now trading 55 to 77 points lower for Friday. USDA reported the B100 cash price 36 cents stronger for IL to $5.47/gal, while MN was shown as $3.62. 

Egypt’s GASC booked 23k MT of soy oil and 27.5k MT of sunflower oil after issuing an international tender. 

USDA reported 1.01 MMT of soybeans were sold during the week that ended 10/26. That was a 27% drop from the week prior, but was inline with expectations. The 1.99 MMT of weekly shipments brought the season total to 9.863 MMT, compared to 9.82 MMT last year. 

The FAS data showed soymeal export sales were 86k MT and soy oil bookings were 1,900 MT for the week that ended 10/26. Those were both below or at the low end of the expected range going in. 

Brazilian soybean exports totaled 5.53 MMT in October, a record for the month as the overhang of last year’s record crop continues to be shipped (and to depress US shipments because the customers don’t need them yet). 

Chinese Ag Ministry data showed 77.8 MMT of soybeans have been brought in through 2023, 14.4% more than the same time in 2022. They forecast a yearly total of 105 MMT, which would be up 15% from last year’s imports. 

Nov 23 Soybeans  are at $13.24 3/4, up 20 3/4 cents,

Nearby Cash   is at $12.84 3/4, up 20 1/8 cents,

Jan 24 Soybeans  are at $13.48 1/2, up 20 1/4 cents,

Mar 24 Soybeans  are at $13.62 1/4, up 20 1/4 cents,