Soybeans Rallying at Thursday’s Midday

Soybeans are sparking a rally on Thursday, with contracts up 7 to 10 cents at midday. CmdtyView’s national front month Cash Bean price is up 10 1/2 cents at $9.58. Soymeal futures are back down $2.80/ton on the session. Soy Oil futures are up 179 points on the day.

Thursday morning’s Export Sales report showed 2.04 MMT in soybean bookings during the week of 10/31, on the high end of the 1.2 to 2.2 MMT range of estimates. That was a 3-week low but 88.7% above the same week last year. The largest buyer was China, with purchases of 1.223 MMT, as unknown destinations was next up at 152,100 MT.

Meal sales were tallied at 398,608 MT in the week of 10/31, which was on the higher end of the 150,000 MT to 560,000 MT estimates. Bean oil sales totaled a massive 114,311 MT in that week, which exceeded the 0 to 60,000 MT estimates and was the largest week of sales since November 2012.

With a smaller expected production (estimated down 25 mbu), US ending stocks are expected to slip lower in the WASDE update, with analysts looking for an 18 mbu reduction to 532 mbu. The range of estimates is from 475 to 585 mbu. The world soybean stocks are seen 0.59 MMT tighter to 134.06 MMT.

Soybean exports out of Brazil in October totaled 4.71 MMT, which is below the 5.6 MMT in the same month last year. Chinese import data was released, showing soybean imports during October at 8.09 MMT, which was a 4-year high in October imports. That took the calendar year imports to 89.94 MMT, a 11.2% increase yr/yr.

Nov 24 Soybeans  are at $10.01 1/2, up 7 cents,

Nearby Cash  is at $9.58, up 10 1/2 cents,

Jan 25 Soybeans  are at $10.14 1/4, up 10 1/2 cents,

May 25 Soybeans  are at $10.38 1/2, up 9 1/4 cents,