Meal Collapses on Red Soy Trade Session

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Soybeans closed the midweek session with losses of as much as 1.1%. The front month Soymeal market pulled the board lower with 2.2% losses across the front months. Soybean Oil futures also settled with losses of over 1.8%.

USDA reported a 136k MT soybean sale to China this morning. Traders are looking for soybean bookings to come in between 1 MMT and 1.8 MMT for the week that ended 11/30. Soymeal sales are expected between 50k and 250k MT. Pre-report soybean oil sales are expected to be shown at less than 10k MT in the weekly FAS report. 

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. 


Jan 24 Soybeans  closed at $12.95 1/2, down 10 cents,

Nearby Cash   was $12.39, down 10 cents,

Mar 24 Soybeans  closed at $13.15 1/2, down 11 cents,

May 24 Soybeans  closed at $13.30, down 12 1/2 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.