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CBOT soybean futures end firm recovery from 2-month low

4 Oct 2022 8:43 am
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Mumbai, October 4 (Commoditiescontrol) Soybean futures on the Chicago Board of Trade (CBOT) ended firm on Monday as the market recovered from recent losses fueled by larger-than-expected U.S. stockpiles and competition for export business from South America.

CBOT November soybeans settled 9-1/4 cents higher at $13.74 per bushel. Earlier the contract fell to $13.61-1/4, its lowest price since Aug. 4.

CBOT December soymeal rose $2.3 to $405.30 per short ton, while December soyoil advanced 1.78 cents to close at 63.34 cents per lb.

The USDA on Friday increased its assessment of U.S. soybean stockpiles, to 273.76 million bushels, above trade expectations of 242 million bushels.

U.S. exporters sold 110,000 tonnes of soybeans for delivery to unknown destinations during the 2022/2023 marketing year, the USDA said in a daily announcement.

The weekly crop progress report from NASS had 81% of soybeans dropping leaves vs. 63% last week and 79% at this point on average. The 22/23 soybean harvest reached 22% complete, compared to 25% on average. Harvest in IL and IN trail their average pace with 10 and 17% complete compared to 26 and 23% on average respectively. Iowa had 26% of their beans out as of 10/2, compared to 24% on average and South Dakota had cut 30% compared to 25% normally. Conditions when converted to the Brugler500 Index were 2 points lower at 342. That was reflecting a 17 point drop in KS alone.

The monthly Fats and Oils report showed 175.05 mbu of soybeans were processed in August. That was down from 181 mbu in July, but up from 168 in August, setting a new record for the month. The trade average guess was 175.6 mbu going in. The 2021/22 MY used 2.203 billion bushels of soybeans for meal and soy oil production, that was just 2 mbu below the latest WASDE figure – but was still a record. The monthly update also had 2.12b lbs of soybean oil – down from 2.228b last month and even with the trade average guess.

Weekly Inspections data showed 575,220 MT of soybeans were shipped during the week that ended 9/29. That was up from 291k MT last week, but down 274,336 MT (33%) from the same week last year. Germany, Algeria, and Mexico were the week’s top destinations. Accumulated exports reached 1.781 MMT through 9/29, compared to 1.84 MMT last season.

Brazil reported September soybean exports were 4.294 MMT, compared to 4.827 MMT in Sep ’21.

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