Soybeans are up 1 to 3 cents on Thursday morning. Futures were 1 to 4 cents higher across most contracts on Wednesday. Open interest was down 9,608 contracts on Wednesday. The cmdtyView national average Cash Bean price was 4 1/4 cents lower at $10.21 3/4. Soymeal futures were steady to $3.10 in the red, with Soy Oil futures 7 to 11 points higher. There were 4 deliveries issued against December soybean oil on Wednesday.
USDA reported private export sales of 136,000 MT of soybeans to China and 119,000 MT to unknown destinations, as well as 212,000 MT to unknown received in the reporting period. Another 120,000 MT of soybean meal was sold to Poland.
The monthly NASS Fats & Oils report got caught up on Wednesday afternoon, with September soybean crush totaling 204.93 million bushels, up 9.89% from a year ago. October crush was an all-time record for any month at 237 million bushels, a 9.86% increase over last year. Bean oil stocks were tallied at 1.781 billion lbs on October 31, up 11.89% from last year.
USDA will release Export Sales data for the week ending on November 13 on Thursday morning. Traders are looking for 0.6-1.4 MMT of soybean sales in that week. Soybean meal sales are seen in a 50,000 to 450,000 MT range, with bean oil sales at 5,000 to 25,000 MT.
Commitment of Traders data showed another 15,760 contracts added to the managed money net long position as of November 10 in their second update in as many days on Wednesday. That took their net long position to 194,443 contracts.
Soybean production for Brazil was updated to 177.12 MMT according to CONAB, down 0.48 MMT from their November estimate. Sinograin, China’s state stockpiler, sold 397,000 MT of imported beans in an auction on Thursday.
Jan 26 Soybeans closed at $10.91 1/4, up 4 cents, currently up 2 3/4 cents
Nearby Cash was $10.21 3/4, up 4 1/4 cents,
Mar 26 Soybeans closed at $11.01, up 2 3/4 cents, currently up 1 1/2 cents
May 26 Soybeans closed at $11.10 1/2, up 1 3/4 cents, currently up 1 1/4 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.
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