Soybeans are 5 to 6 cents higher across the front months at Thursday’s midday. The cmdtyView national average Cash Bean price is 6 cents higher at $9.38 3/4. Soymeal futures are up 60 to 80 cents on the day, with Soy Oil 26 to 30 points higher in the nearbys.
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Export Sales data will not be published on the holiday delayed Friday release due to the government shutdown.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 are at $10.12 1/2, up 6 cents,
Nearby Cash is at $9.38 3/4, up 6 cents,
Jan 26 Soybeans are at $10.30, up 5 3/4 cents,
Mar 26 Soybeans are at $10.45 3/4, up 6 cents,
