Soybeans are starting the new month of futures trading with 4 to 10 cent losses, though Jan beans are still a net 4 ¼ cents higher for the week’s move so far. Jan beans finished the month of November with a net 37 ½ cent gain. Soymeal futures are trading $4.70 to $5.40 weaker so far for Friday, while the front month Soybean Oil futures are 16 to 41 points weaker. There were again zero deliveries against December SM and BO futures.
USDA confirmed two private export sales reports, with a 132k MT sale to China and a 198k MT sale to unknown destinations.
USDA’s FAS reported 1.895 MMT of soybeans were sold for export during the week that ended 11/23. That was above the expected range of estimates led by sales to China and unknown. The report included 452k MT of previously announced business. The season’s commitments reached 1.137 bbu, compared to 1.36 bbu at the same time last year.
Soymeal sales were reported at 64,573 MT for the week, which was below the range of estimates and a MY low. USDA had 735 MT of soy oil sales.
The monthly Fats and Oils data from NASS is expected to show 201.1 mbu of soybeans were processed in October. The full range of analyst estimates is from 198 to 202.5 million, as NOPA members already reported processing 189.77 million. Soybean oil stocks are estimated at 1.54b lbs on average.
Jan 24 Soybeans are at $13.35 1/4, down 7 1/2 cents,
Nearby Cash is at $12.79 3/8, down 6 cents,
Mar 24 Soybeans are at $13.55, down 7 1/4 cents,
May 24 Soybeans are at $13.69 1/4, down 6 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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