The Soybean Oil futures ended the session mixed within 10 points of UNCH as the beans and meal closed in the black. Soybean futures were 4c off their session highs at the close for 7 ¾ to 10 cent gains. September beans went off the board at $13.43 ¾ - a 16 ¾ cent discount to the Nov. Soymeal futures settled up by $4.50/ton.
USDA’s weekly Transport data showed spot delivery for NOLA soybeans were being bid at $14.67/bu. Barchart has Port Santos Soybean FOB ~$14.87/bu, or ~20c higher.
StatsCan forecasts 2023 canola production at 17.368 MMT, compared to 18.695 MMT last year. Canadian soybean production was marked at 6.722 MMT, up 2.7% yr/yr.
USDA’s weekly Export Sales report showed 703k MT of soybeans were booked during the week that ended 9/7. That was at the lower end of the expected range and included 372k MT of previously announced sales. Total commitments were at 16.6 MMT (611.6 mbu) compared to 24.4 MMT (898 mbu) at the start of last season.
The weekly update showed a net cancelation of 201k MT for 22/23 soymeal via unknown. Unknown destinations added 225k MT to the 23/24 book, for a total 23/24 sale of 455k MT – or +253k MT net for the week. Soy oil business was reported at -3,922 MT, with 3.9k canceled for 22/23 and 22 MT canceled for 23/24.
Analysts estimate August’s soy crush will be reported at 167.8 mbu for NOPA members. The full range of estimates ahead of the Friday data range from 161.3 to 171 mbu – compared to 173.3 mbu in July and 168.1 mbu LY.
Nov 23 Soybeans closed at $13.60 1/2, up 10 3/4 cents,
Nearby Cash was $12.96 1/2, up 10 1/8 cents,
Jan 24 Soybeans closed at $13.75 3/4, up 9 1/2 cents,
Mar 24 Soybeans closed at $13.85, up 9 1/4 cents,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
