The products are trading lower through midday, with a mixed soybean board. Beans are 2c higher in the Jan and fractionally mixed through July. The new crop beans are fractionally to 1 ½ cents red at midday. Soymeal futures are another $1.20 to $4.50 weaker on the day. Soybean Oil futures are trading 12 to 79 points in the red.
Traders are looking for the weekly Export Sales report to show between 850k MT of soybeans and 1.5 MMT of soybeans were sold for 22/23 delivery. New crop forward sales are estimated to be below 50k MT. Meal bookings are expected between 150k and 350k MT. Analysts expect the week’s soy oil sales were below 10k MT.
Estimates ahead of the StatsCan crop production report show traders are looking to see a canola crop of 18.3 MMT, compared to 17.4 last year and USDA’s official 17.8 MMT figure. The full range of estimates collected by Reuters runs 17.2 to 19.7 MMT.
The EIA Monthly Energy Review on Tuesday showed combined renewable diesel & biodiesel production hit a record 411 million gallons in August. That was up 6.5% from July and up 45% from year ago. Production reached 85% of rated capacity in August vs. 80% in July.
Jan 24 Soybeans are at $13.44 3/4, down 1 3/4 cents,
Nearby Cash is at $12.86, down 1 1/2 cents,
Mar 24 Soybeans are at $13.62 1/2, down 2 1/4 cents,
May 24 Soybeans are at $13.75 3/4, down 2 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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