Soy Fading to Red through Midweek Trading
Front month soybean futures are trading 6 to 10 ¼ cents in the red with Jan sitting sub-$13. Midday Soymeal futures are down by $3 to $6.30 in the front months. Soybean Oil prices are down by another 91 to 98 points.
USDA reported a 136k MT soybean sale to China this morning.
The monthly Census data had 9.5 MMT (348.25 mbu) of soybean exports during the month of October. That was similar to Oct ‘22’s volume. Official soymeal exports set a new record for October with 1.192 MMT. Census had an Oct record low (and 2nd lowest of all time for any month) with 5.9k MT of soy oil shipments.
Pre WASDE estimates put the Argentina’s soy crop at 48.2 MMT, +200k MT, while Brazil is expected to be revised 2.8 MMT smaller to 160.1 MMT. StoneX estimated the Brazilian soybean crop at 161.9 MMT, down from their previous 165 MMT figure. SLC Agricola reported their soybean acreage at 320.5k HA (~790k acres), a 5% decrease from their initial figures on top of a 7.3% yield cut.
Australia’s ABARES set the Canola crop there at 5.5 MMT in their recent update, a 300k MT increase from the prior figure.
Jan 24 Soybeans are at $12.96 1/2, down 9 cents,
Nearby Cash is at $12.40 3/4, down 9 1/4 cents,
Mar 24 Soybeans are at $13.17, down 9 1/2 cents,
May 24 Soybeans are at $13.32 1/4, down 10 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.