Soybeans are up 1 to 3 cents across the front months on Wednesday morning. Futures were higher at the Tuesday close with contracts up 1 to 3 cents on the day. Open interest was down 6,334 contracts on Tuesday. The cmdtyView national average Cash Bean price was 1 3/4 cents higher to $10.52. Soymeal futures were up $1.70 to $2.80, with Soy Oil futures steady to 13 points higher. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday. Friday is also first notice day for December meal and oil futures.
Wire reports indicate that China had purchased another 10 cargoes of US soybeans for January shipment late on Tuesday.
USDA released delayed Export Sales data on Tuesday morning, with beans coming in at 785,003 MT on the lower half of the 0.5-1.4 MMT trade estimates in the week of 10/9. That was a 3-week low and 53.9% below the same week last year. To that point, China had yet to make any purchases.
Meal sales were tallied at 358,406 MT, which was on the high side of the 150,000-400,000 MT estimates. Bean oil sales were below estimates of 5,000-30,000 MT at 1,924 MT.
Commitment of Traders data showed soybean speculators at a net short position of 391 contracts as of 10/14. That was just a 38 contract increase in the net short position during that week.
ANEC estimates the Brazilian soybean exports for November at 4.4 MMT, a 0.31 MMT cut from their prior number.
Jan 26 Soybeans closed at $11.24 3/4, up 1 1/2 cents, currently up 3 cents
Nearby Cash was $10.52, up 1 3/4 cents,
Mar 26 Soybeans closed at $11.34 3/4, up 2 3/4 cents, currently up 2 ¼ cents
May 26 Soybeans closed at $11.45, up 3 cents, currently up 2 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.
