Double Digit Friday Gains for Soybeans
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 ZSF22 - Soybean

Going into the weekend, soybean futures were 10 to 11 1/2 cents in the black. For November, that ended the week with a 25 1/4 cent loss from Friday to Friday. Soymeal futures closed $2 to $2.5/ton higher with Dec going home at $316.60/ton. Soy oil futures were up 78 to 85 points on Friday, with Dec closing at 61.29 cents/lb. USDA’s weekly bio-energy report showed B100 biodiesel was priced at $5.02/gal during the week ending 10/15 (with no comparison to last week).  

USDA announced three large private export sales for soybeans this morning. Private exporters sold 132k MT of soybeans to China, 396k MT to unknown, and another 326,750 MT to unknown destinations – all for 2021/22 delivery.  

The weekly data showed 1.147 MMT of beans were booked during the week ending 10/7. That was at the top end of the expected range, but down from 2.58 MMT during the same week last season. The weekly data included the large 261k MT sale previously announced to Mexico, but China was confirmed as the week’s top buyer with 640k MT booked. China was also the main destination for the week’s 1.7 MMT export – with 1.29 MMT. Accumulated soybean commitments are at 969.7 mbu as of 10/7.  

NOPA members reported crushing 153.8 mbu of soybeans in September. The trade was looking to see 155.1 mbu on average. September 2020’s crush was 161.5 mbu. 

CoT data showed soybean spec traders were 29,068 contracts net long as of 10/12. That was a drop form 49k contracts last week, as new spec shorts were opened. Commercial soybean traders were also risk on through the week ending 10/12, opening a net 64,782 contracts for a net 17k reduction to their now 103k contract net short.  

Nov 21 Soybeans  closed at $12.17 3/4, up 11 1/2 cents, 

Nearby Cash   was $11.75 2/3, up 11 1/2 cents, 

Jan 22 Soybeans  closed at $12.26 1/4, up 10 3/4 cents, 

Mar 22 Soybeans  closed at $12.35 1/4, up 11 cents, 

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