Soybeans Find Strength into Friday’s Close Despite Midday USDA Pressure

Soybeans were pressured at midday by a few more bushels on the balance sheet, but managed to pull 4 to 5 ½ cents higher into the close. November soybeans were up 13 ¾ cents on the week. The cmdtyView national average Cash Bean price was up 4 cents at $12.34. Soymeal futures wre $2.30 to $8 higher in most contracts, with December up $18.10 for the week. Soy Oil futures were 10 to 14 points higher, as December was 60 points lower on the week.

The monthly Crop Production report from NASS showed US yield at 53.1 bpa, up 0.3 bpa from the previous estimate. That took the production estimate 27 mbu higher to 4.562 bbu, and was above estimates. 

US soybean ending stocks were up 5 mbu to 315 mbu, against trade ideas looking for a cut, as the increased supply was the issue. Exports were up 10 mbu. World stocks say a modest 0.26 MMT increase to 124.28 MMT, as South American supplies were unchanged.

Commitment of Traders data indicated spec funds adding 10,496 contracts to their net long position for soybean futures and options in the week ending on October 6. That took their net long to 251,660 contracts by Tuesday. 

China’s state-owned Sinograin will auction of another 518,000 MT of imported soybeans on October 13.

Nov 26 Soybeans  closed at $12.92, up 4 1/2 cents,

Nearby Cash  was $12.34, up 4 cents,

Jan 27 Soybeans  closed at $13.08 3/4, up 4 1/2 cents,

Mar 27 Soybeans  closed at $13.18 3/4, up 4 3/4 cents,

New Crop Cash  was $11.95 1/4, 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.