Soybean bulls are winning the vote as the market trades through midday with gains of 4 to 9 cents. CmdtyView’s national front month Cash Bean price was up 7 1/2 cents at $9.47 1/2. Soymeal futures are down 30 cents/ton so far on the session. Soy Oil futures are back down 60 points at midday.
Soybean shipments totaled 2.98 MMT (109.4 mbu) during September, which was a 4-year high for the month. That was up 73.69% from August and 19.17% larger than last year. Soybean meal exports were a record for September at 1.126 MMT, which was also a 23.81% increase from last month. Bean oil sales were more than double last year by down 37.71% from last year at 27,377 MT.
The US soybean harvest was tallied at 94% complete as of Sunday, 9 percentage points faster than the 5-year average.
StoneX estimates the US soybean crop yield at 52.6 bpa in their latest release, down 0.9 bpa from their previous release.
Nov 24 Soybeans are at $9.96 1/2, up 9 1/4 cents,
Nearby Cash is at $9.47 1/2, up 7 1/2 cents,
Jan 25 Soybeans are at $10.04 1/4, up 7 cents,
May 25 Soybeans are at $10.33, up 4 3/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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