Soybeans are trading with Monday morning losses of 1 to 1 ½ cents. Futures pulled off early losses on Friday, as contracts were down 1 ¾ to 3 cents in the front month and up ½ to 1 ¾ cents in the deferreds. Open interest was up 7,330 contracts. November was 30 ¾ cents lower for the week. We are over halfway through October, as the average close for November has been $12.83, with the harvest price option for price insurance getting discovered. The cmdtyView national average Cash Bean price was down 1 ¼ cents at $12.03 1/2. Soymeal futures were down $1 to $3.10, with Dec slipping $8.50 last week. Soy Oil futures were anywhere from down 2 to 25 points higher, as December was 89 points lower for the week.
USDA confirmed another round of private export sales of 558,000 MT of soybeans to China on Friday morning, taking the week’s total to 1.358 MMT to China. There was another 236,000 MT to unknown destinations, with the total to unknown sales announced last week at 519,450 MT.
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Export Sales data indicated 574,878 MT of soybeans sales in the week ending on October 8. That was up just 4.64% from last week but 26.77% below the same week last year. China was the buyer of 126,300 MT, with 110,700 MT sold to Egypt and 110,000 MT to Bangladesh.
Soybean meal sales were tallied at 366,314 MT, which was on the middle of the estimated range of 200,000 to 600,000 MT. Bean oil sales came in at 1,208 MT, compared to trade estimates of 0-10,000 MT.
CFTC data from Friday showed spec funds trimming 14,169 contracts from their net long position in soybean futures and options as of Tuesday. That took their net long to 237,491 contracts by October 13.
Brazil’s soybean crop in the Center-South region is estimated at 26% planted as of Thursday, in line with the 24% pace from last year.
Nov 26 Soybeans closed at $12.61 1/4, down 1 3/4 cents, currently down 1 cent
Nearby Cash was $12.03 1/2, down 1 1/4 cents,
Jan 27 Soybeans closed at $12.75 3/4, down 2 cents, currently down 1 1/4 cents
Mar 27 Soybeans closed at $12.84 1/4, down 2 cents, currently down 1 1/2 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.
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