Brugler Marketing & Management, LLC -

Soy Complex Pulls Back Gains

Alan Brugler - Barchart - Thu Oct 22, 9:28PM UTC

Afternoon soybean trading led to some late session givebacks. Beans were firm to higher at the close, but were briefly in the red during the afternoon fade. Soymeal futures also pulled back from midday gains, but held on to $0.90 to $3.60 gains by the close. Bean oil ended the Thursday session 35 to 49 points higher. Barchart’s cmdtyView bean yield and production forecasts were updated. Yield is at 50.45, down 0.05 bpa, and production is 4.182 billion, down 8 mbu. From the weekly export sales update, 2.226 MMT of soybeans were booked on the week ending 10/15. About 41% of the week’s sales were previously announced via mandatory daily announcements. China purchased 55% of the total sales. Accumulated soybean commitments are 76% of USDA’s MY projected exports, which compares to 38% at the same time last year. For soymeal, 322k MT were booked on the week ending 10/15. That was on the high end of estimates, and 191% above the same week last year. Soy oil sales were above expectations with 37,017 MT booked. China was the top purchaser of soybean oil on the week with 30% of the total.

Nov 20 Soybeans closed at $10.73 3/4, up 1 3/4 cents,

Jan 21 Soybeans closed at $10.72 1/4, up 3/4 cent,

Mar 21 Soybeans closed at $10.58 3/4, unch,

May 21 Soybeans closed at $10.55, unch,

Dec 20 Soybean Meal closed at $382.40, up $3.60

Dec 20 Soybean Oil closed at $33.69, up $0.49

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