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Soybean Meal(ZMZ20)
CBOT

Today's Change
Delayed Last Update

Beans Fading for Turnaround Tuesday

Barchart - Tue Sep 20, 2022

Soy prices are setting near their lows into the morning session with beans 4-8 cents lower. The Monday close left soybean futures 0.88% to 1.2% higher with double digit gains. It took little buying to move the market. Preliminary OI was up only 1,590 contracts. Soymeal led the way with 1.8% to 2% gains on the day. There was significant net new buying there, with preliminary OI up 7,590 contracts. Soybean oil prices were 66 to 80 points weaker at the close. Palm oil, and EU rapeseed were also lower. European Rapeseed Futures were 1% weaker to 571.5 Euro/MT. European rapeseed output was estimated at 20.7 MMT by Coceral.

USDA reported a private export sale of 136k MT of soybeans to China this morning.  China needs to buy an average of 1.86 MMT per week from all origins to meet USDA’s current 97 MMT full year forecast. 

USDA’s Export Inspections report showed 518,743 MT of soybeans were shipped during the week that ended 9/15. That was up from 314,713 MT last week setting the MY total at 912,755 MT. That compared to 279,572 MT shipped during the same week last year for a 503k MT pace through 9/15. 

Weekly Crop Progress data showed 42% of beans were dropping leaves vs. 47% for the five year average. The 22/23 bean harvest reached 3% nationally. The average pace would be 5% by 9/18. Nebraska is 5% finished compared to 4% on average, while Indiana is 1% harvested compared to 4% on average. Soybean conditions reported by NASS were 55% good/ex compared to 56% last week. That was a 3 point lower score on the Brugler500 Index to 344. MI and SD were down the most wk/wk, while Mississippi and North Dakota improved. 

European rapeseed output was estimated at 20.7 MMT from Coceral. European Rapeseed Futures were 1% weaker to 571.5 Euro/tonne.

Nov 22 Soybeans  are at $14.61 1/4, up 12 3/4 cents, currently down 7 3/4 cents

Nearby Cash  was $14.18 1/8 on Monday, up 10 cents,

Jan 23 Soybeans  are at $14.67 1/2, up 12 1/4 cents, currently down 7 1/2 cents

Mar 23 Soybeans  are at $14.69 1/4, up 13 1/4 cents, currently down 8 1/4 cents