Soybeans posted 4 to 5 cent gains across the front months on Thursday, as slight product value strength provided some support. The cmdtyView national average Cash Bean price was 4 1/4 cents higher at $9.36. Soymeal futures were up 50 cents to $1.00 on the day, with Soy Oil 7 to 15 points higher in the nearbys. With the Crop Insurance discovery now over half way through, November soybean futures have averaged $10.15 thus far. That is down from $10.54 from the Feb price but up from the $10.03 from last year’s fall price.
Harvest should continue in the next week for much of the Western Corn Belt, with the ECB seeing 1-3 inches. That should put a slowdown on any later harvest, though it will add back to some lower river levels along the Mississippi.
Export Sales data will not be published on the holiday delayed Friday release due to the government shutdown. Still, traders were looking for between 0.4 and 1.4 MMT in soybean sales in the week of October 9. Bean meal sales were seen at 150,000-400,000 MT, with soy oil in between 5,000 and 30,000 MT.
There has been some chatter that China is holding off on some purchases of Brazilian soybeans due to large premiums. That is not uncommon as Brazil normally runs low on stocks ahead of the supply coming online in Jan/Feb. Additionally they have been tightened as Brazilian exports have been running ahead to fill in the holes from the lack of Chinese buying from the US. China is likely going to have to dip into their state reserves if they insist on staying away from the US.
Nov 25 Soybeans closed at $10.10 3/4, up 4 1/4 cents,
Nearby Cash was $9.36, up 4 1/4 cents,
Jan 26 Soybeans closed at $10.28 1/2, up 4 1/4 cents,
Mar 26 Soybeans closed at $10.43 3/4, up 4 cents,
