Soybeans are another 6 to 11 cents stronger this morning, with November holding above the $13 mark. Meal and oil prices are also trading higher into the day session. Beans were 10 ½ cents higher yesterday. Preliminary open interest jumped 12,489 contracts on the futures advance, generally interpreted as net new buying. Soymeal futures rallied as well, with a 2% to 2.4% gain across the front months. Dec was over the $400 mark at the session high, a level not seen in over a month. Soybean Oil futures closed weaker on the Tuesday strength, ending the day 42 to 55 points weaker.
Weekly NASS data showed 97% of soybeans were dropping leaves as of 10/15. That remains 4% points ahead of average maturity. The report showed harvest had advanced 19% points to 62% finished. Iowa harvest was 20 points ahead of average at 74% complete, while NE was 8% ahead of average and IL was 8ppts ahead of average. The national pace was 10ppts ahead of the 5-yr average. National final soybean conditions were 2 points higher for the week to 337 on the Brugler500 index. That is 10 points below the same week last year and was 25 points below the initial ratings for the season.
NOPA members processed 165.456 mbu of soybeans in September, up 2.5% from Aug and 4.6% from Sep ’22. Soy oil supplies at NOPA members were 1.108b lbs, the tightest since Dec ’14.
ABIOVE forecast Brazil’s 23/24 soybean crop at 164.7 MMT, above last week’s USDA forecast of 163 MMT. ABIOVE sees whole bean exports at 100 MMT vs. USDA at 97.5 MMT. They are lower on crush at 54 MMT vs. WASDE at 55.75 MMT.
Nov 23 Soybeans closed at $12.96 3/4, up 10 1/2 cents, currently up 11 cents
Nearby Cash was $12.38 7/8, up 11 5/8 cents,
Jan 24 Soybeans closed at $13.16 1/4, up 10 1/2 cents, currently up 10 cents
Mar 24 Soybeans closed at $13.29 1/4, up 10 1/2 cents, currently up 9 3/4 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.
