Soybeans are down 5 to 8 cents across the front months to start Thursday trade. Futures faded lower into the midweek close on Wednesday, as contracts were down 4 ¾ to 7 ¼ cents and a couple cents off the lows. Open interest suggested longs continued to exit, with a drop of 26,149 contracts. First notice day for November is on Friday. The cmdtyView national average Cash Bean price was down 5 3/4 cents at $11.66. Soymeal futures were mixed, up $1.10 to 90 cents lower, as Soy Oil futures were 82 to 115 points lower.
The average close for November soybean futures in October has been $12.67, with just 2 days left for the harvest price crop insurance discovery period.
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Weekly Export Sales data will be released this morning, with analysts polled by Reuters looking for a range of 1.8-3 MMT of sales in the week of October 22. That included daily announced sales of 1.323 MMT. Sales of 2027/28 are seen in a range of 0-50,000 MT. Soybean meal sales are seen at 200,000 to 450,000 MT, with bean oil in a range of 0-10,000 MT.
China’s Sinograin sold 172,240 MT of the 512,000 MT offered in an auction on Tuesday. They will auction off another 402,000 MT of imported beans on Tuesday, November 3.
Nov 26 Soybeans closed at $12.24 1/2, down 4 3/4 cents, currently down 8 cents
Nearby Cash was $11.66, down 5 3/4 cents,
Jan 27 Soybeans closed at $12.38, down 5 cents, currently down 7 cents
Mar 27 Soybeans closed at $12.46, down 5 3/4 cents, currently down 5 3/4 cents
Nov 27 Soybeans closed at $12.06 3/4, down 5 3/4 cents, currently down 2 cents
New Crop Cash was $11.37 1/4, down 8 cents,
On the date of publication, Austin Schroeder did not directly have a position 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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