Market Analytics and Technical Considerations
Key Points
Although they had fallen from their highs at the close on Wednesday, bean prices have continued to rise by 3 to 10 cents in the early months.
Soybean meal prices remained close to their peak for the final month, rising between 2.3 percent and 2.5 percent in the first months.
Nov. 23 fell behind with only a gain of 3 cents and is currently trading at a discount of 70 1/2 cents to Jan .On Wednesday, BO futures moved lower, with the front months closing between 1.4% and 1.7% lower.
This morning, the USDA announced a private export sale of 136 thousand MT of soybeans to China .Week by week Commodity Deals from the week that finished 11/24 are supposed to in the middle of between 550k MT and 1 MMT. Sales of new crop beans are estimated to be less than 100,000 MT.
Analysts anticipate sales of 150 thousand to 500 thousand MT of soymeal. From the week of 11/24, it is anticipated that BO bookings will be less than 20,000 MT.
The NASS Fats and Oils report that comes out on Thursday afternoon is expected to show that 195.9 mbu (or a 10-mo high) of soybeans were processed in October. The entire estimation range is from 194 to 197.1 mbu .Stocks of soy oil are expected to be 2.107 billion pounds.
Using the brand-new “soy dollar” exchange rate, reports from BAGE indicated that the 21/22 crop yielded over 560,000 MT of soybeans. The rate is better than the official rate by about 40%.
