Soybean bulls are fighting back on Friday, as contracts are up 12 to 15 cents across the front months at midday. CmdtyView’s national front month Cash Bean price is up 15 cents at $9.50 ½. The products are playing a supportive role today, with Soymeal futures up $1.80/ton and Soy Oil futures rallying 119 points on the session. China is expected to eliminate their tax rebate on exported used cooking oil starting on December 1. That should help to limit the amount of UCO imported for use as a feedstock in biodiesel.
NOPA data released this morning showed a record and better than expected October crush at 199.96 mbu among members. That was well above the estimated 196.84 mbu and 5.37% above October 2023. Stocks of bean oil were tallied at 1.069 billion lbs for October 31, below estimates and down 2.8% from last year at this time.
Weekly Export Sales data from this morning showed 1.555 MMT of soybean sales for 2024/25. That was in the middle of the expected range of 1 to 2.2 MMT and a 5-week low for bookings.
Meal sales were reported at 302,413 MT in the week that ended on November 7, back down from last week but in the middle of the estimated 175,000 to 540,000 MT. Soybean oil sales backed off from last week’s multi-year high to 16,469 MT, which was still an improvement.
Jan 25 Soybeans are at $10.02 1/2, up 15 cents,
Nearby Cash is at $9.50 1/2, up 15 cents,
Mar 25 Soybeans are at $10.13 1/4, up 14 cents,
Jul 25 Soybeans are at $10.38 1/4, up 12 3/4 cents,
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