Soybeans futures are trading 5 to 6 ½ cents lower in the final session before Thanksgiving. Soybean meal is down $2.30/ton, with bean oil 50 points higher. The weekly Export Sales report, pushed back to Friday, is expected to show 0.7-1.4 MMT in soybean sales for the week ending last Thursday. Meal bookings are seen at 100,000-300,000 MT, with bean oil in a range of 12,000-50,000 MT. According to Customs data out of China, imports brought in a total of 8.688 MMT of soybeans during October, up 40.6% from last year. Of that total, 3.4 MMT were from the US (nearly triple 2019), with 4.23 MMT originating from Brazil. Brazil’s 20/21 soybean crop is estimated at 130 MMT by Rabobank, which is 3 MMT shy of the current USDA number.
JAN 21 Soybeans closed at $11.86, down 5 1/4 cents, |
MAR 21 Soybeans closed at $11.87 1/2, down 5 3/4 cents, |
MAY 21 Soybeans closed at $11.85 1/2, down 6 1/2 cents, |
JUL 21 Soybeans closed at $11.81 3/4, down 6 cents, |
DEC 20 Soybean Meal closed at $396.00, down $2.30, |
DEC 20 Soybean Oil closed at $38.56, up $0.50 |
--- provided by Brugler Marketing & Management