Soybeans are in rally mode on Monday, with contracts up 20 to 28 cents. The cmdtyView national average Cash Bean price is 28 1/4 cents higher at $10.78 1/4. Soymeal futures are back up $6.40 at midday, with Soy Oil futures 90 to 100 points higher.
This morning’s Export Inspections report showed a total of 1.176 MT (43.22 mbu) of soybeans shipped in the week of 11/13. That was 4.6% above the week prior but still 48.1% below the same week last year. Italy was the largest buyer of 199,425 MT, with 196,653 MT shipped to Mexico and 176,415 MT to Egypt. China has remained off the list. The marketing year total is now 10.109 MMT (371.46 mbu) of soybeans shipped, which is now 42.5% above the same period last year.
USDA’s release of the backlog of unreported large daily sales from during the shutdown showed saw a few corrections on Monday morning. China was part of that, as 100,000 MT of the previously 332,000 MT purchase announcements were cancelled.
NOPA data released this morning showed a total of 227.65 mbu of soybeans crushed in October, exceeding the trade range of estimates. That was an all time record for any month of NOPA members, a 13.86% increase from last year and 15.05% above September. Soybean oil stocks were tallied at 1.305 billion lbs, up 22.16% above last year and 4.9% larger than September.
Brazil’s soybean crop is estimated at 71% planted as of Thursday according to AgRural, lagging the 80% from the same week last year.
Jan 26 Soybeans are at $11.52 1/2, up 28 cents,
Nearby Cash is at $10.78 1/4, up 28 1/4 cents,
Mar 26 Soybeans are at $11.60 1/2, up 24 1/2 cents,
May 26 Soybeans are at $11.67 3/4, up 21 1/4 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.
