Soybean futures were 2 to 9 ¾ cents in the red at the Tuesday close. The New crop November contract was at a 67 cent discount to the Jan. The new crop soy/corn ratio was at 2.54. Soymeal futures rallied back for a Turnaround Tuesday, finishing 1.8% to 2.2% in the black. Soybean Oil futures closed 116 to 131 points in the red. That left the Dec at a net 13 point gain for the week through the two sessions.
USDA reported a private export sale good for 110k MT of soybeans to China this morning.
Monthly export data from Census showed 2.47 MMT of soybeans, 989k MT of soymeal, and 13k MT of soy oil were exported during September. For soybeans that was a 42% increase from August and a 19% increase yr/yr.
Weekly Inspections data showed 2.085 MMT of soybeans were shipped during the week that ended 11/02. The report put the season total at 12.198 MMT (448.2 mbu). That is 5% under last year’s pace.
Survey respondents expect USDA will boost the Argentine soy crop by 200k MT to 48.2 MMT and will reduce the Brazilian crop by 600k MT to 162.5 MMT. Pre-report estimates for global soybean carryout range from 114 MMT to 118 MMT from the 115.6 MMT in the October WASDE.
Nov 23 Soybeans closed at $13.48 3/4, up 8 1/4 cents,
Nearby Cash was $13.00 5/8, down 1/2 cent,
Jan 24 Soybeans closed at $13.62, down 2 cents,
Mar 24 Soybeans closed at $13.74, down 4 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.
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