Nov-22 soybean futures ended last week at $13.9550 per bushel, up about $0.10 per bushel from the beginning of the week.
After a Thursday rally, Dec-22 soybean meal closed the week at $417.90 per short ton.
Dec-22 soybean oil also ended the week higher, up by nearly a nickel from last Monday to close at $0.7150 per pound on Friday.
S&D and fundamental factors
NOPA crush was 158.1 million bushels in September—below analysts’ expectations but higher than last year by 3 percent. Soybean oil production was 1.877 billion pounds (with an average yield of 11.87 pounds per bushel), and oil stocks stood at 1.459 billion pounds—also below expectations and the lowest level since September 2020.
Weather, macro indicators, and news
A Russian drone strike destroyed a sunflower oil storage facility in Mykolaiv, Ukraine the weekend of Oct. 15. The impact on supplies should be reasonably minor (a few thousand tons were believed lost) but is indicative of remaining uncertainty in the region.
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