Soybean oil futures hit three-month-lows with the Oct-23 futures contract back under 60 cents per pound and trading at 57.85 cents as of mid-day Sep. 29.
Deferred H1 2024 futures contracts are averaging close to 55 cents per pound.
Spot soybean futures continued to move lower the week of Sep. 25 by another 20 cents per bushel to $12.78 as of mid-day Sep. 29 and the lowest spot price since December 2021.
U.S. soybean sales reached 25 million bushels the week of Sep. 18, with total sales on the books still down roughly 34 percent from last year.
Brazil’s Ag economic provider, Conab, came out with their 2023/24 “perspective” for corn and soybeans the week of Sep. 25. Soybean expectations are record large at 162.4 MMT vs. USDA’s current 163 MMT. This is based off 111.8 million planted acres (up 2.8 percent vs. last year) and a yield of 53.4 bushels per acre (up 2.2 percent).
Sep. 29’s grain stocks report was slightly better than industry expectations for soybeans, with 268 million bushels reported for 2022/23 as of Sep. 1. The trade average guess was 245 million bushels and was higher than USDA’s September WASDE number of 250 million bushels.
The full version of this commentary appeared on our IQ platform Sep. 29, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers.Learn more about becoming a subscriber.
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.