Jan-23 soybeans closed last Friday at $14.28 per bushel, down 12 cents from last Monday. Dec-22 soybean oil ended the week down more than 3 cents at $0.7274 per pound.
S&D and fundamental factors
NOPA crush was 184.5 million bushels in October, up from September and YOY. Soybean oil supplies were 1.528 billion pounds, down 17 percent YOY.
Soybean export sales were strong for the week ending Nov. 11, at 3.3 MMT vs. analyst expectations near 1.7 MMT—the third highest on record. China was the largest buyer at 1.54 MMT of reported soybean purchases.
Weather, macro indicators, and news
Brazil’s government may raise its biodiesel blending mandate from its current 10 percent to 14 percent for January-March and to 15 percent after that. The mandate was reduced from 13 percent to 10 percent in 2021, remaining at that level through 2022.
Sunflower yields in Ukraine are running near 2.2 MT per hectare (ha) vs. 2.4 MT per ha last year.
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