Sept Soybeans expire 3 ¾ cents higher ($9.72), Nov closes 1 ¼ cents lower ($9.42 ¾) and Jan 1 cent lower ($9.48)
Sept Meal expires $5.3 higher ($315.7), Oct closes $0.2 lower ($307.1) and Dec $0.4 lower ($305.7)
Sept Bean Oil expires 5 pts lower ($31.50), Oct closes 2 pts higher ($31.62) and Dec 1 pt higher ($31.86)
Weekly Export Sales – Soybeans – old crop vs. 900 K – 1.200 M T. expected; new crop vs. none expected – Soybean Meal – old crop vs. 30-60 K T. expected; new crop vs. 50-125 K T. expected – Soybean Oil – old crop vs. 0-10 K T. expected; new crop vs. 0-30 K T. expected
The soybean market goes quiet after its recent near 50 cent break; Monday’s high to today’s low. I got the impression the trade was reluctant to press prices enough to challenge the early September low down at $9.37. The meal market is seeing a similar trade as it balks at pressing the early September lows. The bean oil market doesn’t do much other than slow down its recent descent of 170 points; Monday’s high to today’s low. As far as I’m concerned, going forward, it will be all about how fast we get into harvest.
Processors need soybeans to crush. Exporters need quality beans for export as the recently harvested Delta beans are running high damage. We have to remember these needs are short term and that’s why bean spreads don’t much of anything other than maintain the recent carries. Meal spreads were fractionally better but not to the extent of anyone getting excited. The idea is that the new crop is right around the corner.
It’s a little spooky that the market goes quiet after the recent sharp sell-off. Are they trying to tell us that the liquidation run is over for the time TEF – Just My Opinion – Sept 14th being? Export sales are out in the morning. In recent weeks they have been quite strong for beans. Daily sales announcement have slowed down – we have only seen two (2) announced sales of beans; 484 K T. on the 7th and 147 K T. on the 1st. I’m still waiting to see how Nov bens handle the recent low at $9.37 and how the meal market handles the $300 level.
Nov Beans: $9.37 (?) – $9.65
Dec Meal; $300.0 (?) – $310.0
Dec Bn Oil: $31.60 – $32.40
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