Soybeans are trading with gains of 4 to 6 cents on Thursday so far. Preliminary open interest from Wednesday showed net new buying across most contracts, up 16,317 contracts cross all but the November contract, which was another exodus of 21,481 contracts ahead of Friday’s options expiration. The average close for November soybean futures so far in October is $10.11. That is $1.44 below the February base insurance price. CmdtyView’s national front month Cash Bean price is up 5 1/2 cents at $9.47 ¾. Soymeal futures are down $4/ton. Soy Oil contracts are 88 points higher so far on the day.
USDA reported a private export sale of 198,000 MT of 2024/25 soybeans to unknown destinations this morning.
The weekly Export Sales report from USDA this morning showed 2.15 MMT of 2024/25 bookings in the week of 10/17. That on the high end of the trade range of expectations for 1.2 to 2.4 MMT, a MY high for sales, and 58.8% above the same point last year. China was the lead buyer of 1.29 MMT, with Mexico buying 208,100 MT.
Meal sales came in at 159,901 MT, which was on the low end of the estimated range of 150,000 to 400,000 MT and down 36.4% from last week. Bean oil bookings were in the middle of the 0 to 50,000 MT estimates at 28,975 MT.
Nov 24 Soybeans are at $10.02 3/4, up 5 1/4 cents,
Nearby Cash is at $9.47 3/4, up 5 1/2 cents,
Jan 25 Soybeans are at $10.08 1/2, up 3 1/2 cents,
May 25 Soybeans are at $10.33, up 4 cents,
On the date of publication, Austin Schroeder 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.
/AI%20(artificial%20intelligence)/Businessman%20touching%20the%20brain%20working%20of%20Artificial%20Intelligence%20(AI)%20Automation%20by%20Suttiphong%20Chandaeng%20via%20Shutterstock.jpg)
/An%20image%20of%20a%20Tesla%20humanoid%20robot%20in%20front%20of%20the%20company%20logo%20Around%20the%20World%20Photos%20via%20Shutterstock.jpg)
/Netflix%20open%20on%20tablet%20by%20rswebsols%20via%20Pixabay.jpg)