Soybeans are falling 23 to 26 cents across most contracts on Thursday, giving some recenet strength back on meal pressure. There were another 377 deliveries issued overnight, taking the total to 1,470 for the month. The cmdtyView national average Cash Bean price is 25 cents lower at $10.35 1/2. Soymeal futures are down $11 to $12.50 so far on the day, with Soy Oil futures are down 14 to 17 points.
COFCO, a Chinese state-owned entity, held a soybean procurement signing ceremony overnight, though no specifics were given on totals.
Export Sales data will not be out this morning, though analysts are estimating to see 0.4-2 MMT of soybeans sold in the week of 10/30. Meal sales are expected to total 50,000-450,000, with bean oil between 5,000-25,000 MT.
ANEC estimates the Brazilian soybean exports at 3.77 MMT for November, up 1.43 MMT from last year if realized. Trade ministry data showed official October exports at 6.73 MMT, up from 4.71 MMT from last year.
Nov 25 Soybeans are at $10.94, down 25 3/4 cents,
Nearby Cash is at $10.35 1/2, down 25 cents,
Jan 26 Soybeans are at $11.09 1/4, down 25 cents,
Mar 26 Soybeans are at $11.19, down 23 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.
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