Soybeans posted losses of 9 to 13 ¾ cents Thursday in early months, with deferred contracts of 3 to 7 ½ cents in the red. Futures continue to sell the fact as China purchases slowly arrive. cmdtyView’s national average Cash Bean price was 13 1/2 cents lower at $10.49 1/4. Soybean meal futures fell again between $1.50 and $4.90, and soybean oil futures fell between 37 and 47 points.
Soybean export stocks were in the middle of trade range estimates of 0.6 to 1.6 MMT at 919,447 MT for the week of October 2. It was a three-week high, but still down 8.6% from the same week last year. Soybean meal sales were 328,300 MT, above estimates of between 150,000 and 350,000 MT. Sales of bean oil had net reductions of 11,800 MT.
On Wednesday morning, the USDA reported another 462,000 tons of soybeans sold to China through its daily announcement system. This followed a total of 1.122 million tonnes so far this week and brings total known sales to China to 1.812 million tonnes.
Global soybean production fell by 2 MMT according to data from the International Grains Council, with consumption increasing by 1 MMT and ending stocks falling by 2 MMT to 77 MMT.
On January 26, soybeans closed at $11.22 1/2, down 13 3/4 cents.
The cash close was $10.49 1/4, down 13 1/2 cents,
March 26 Soybeans closed at $11.32, down 12.5 cents.
On May 26, soybeans closed at $11.41 1/2, 11 cents less.
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com