Soybeans are trading with 6 to 9 cent gains early on Tuesday morning. Futures were in rally mode on Monday, with nearby contracts up 23 to 32 3/4 cents. Open interest data suggested net new buying, up 9,524 contracts on Monday. The cmdtyView national average Cash Bean price was 33 1/2 cents higher at $10.84 1/2. Soymeal futures were back up $2.20 to $6.40 on Monday, with Soy Oil futures 60 to 99 points higher.
Wire reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT).
This morning’s Export Inspections report showed a total of 1.176 MT (43.22 mbu) of soybeans shipped in the week of 11/13. That was 4.6% above the week prior but still 48.1% below the same week last year. Italy was the largest buyer of 199,425 MT, with 196,653 MT shipped to Mexico and 176,415 MT to Egypt. China has remained off the list for shipments. The marketing year total is now 10.109 MMT (371.46 mbu) of soybeans shipped, which is now 42.5% above the same period last year.
NOPA data released this morning showed a total of 227.65 mbu of soybeans crushed in October, exceeding the trade range of estimates. That was an all time record for any month of NOPA members, a 13.86% increase from last year and 15.05% above September. Soybean oil stocks were tallied at 1.305 billion lbs, up 22.16% above last year and 4.9% larger than September.
Brazil’s soybean crop is estimated at to hit 177.7 MMT according to Abiove, a reduction of 0.8 MMT from their previous number.
Jan 26 Soybeans closed at $11.57 1/4, up 32 3/4 cents, currently up 8 3/4 cents
Nearby Cash was $10.84 1/2, up 33 1/2 cents,
Mar 26 Soybeans closed at $11.63 1/4, up 27 1/4 cents, currently up 6 cents
May 26 Soybeans closed at $11.70, up 23 1/2 cents, currently up 5 3/4 cents
