Nov-23 soybean settled Oct. 6 at $12.6600 per bushel, below previous support in the low $12.70s that the contract saw since the end of September. Oct. 6’s close was the first settle below $12.70 since late June.
The soybean oil market gave back all of Oct. 2’s gains and more in the week of Oct. 2. Most-active Dec-23 soybean oil futures settled at 55.35 Oct. 6, nearly unchanged from Oct. 5 but down almost 2.1 cents from Oct. 2.
The U.S. soybean harvest was 23 percent completed as of Oct. 1, about neck and neck with the five-year average. At this stage, harvest has reached the northernmost parts of the Belt; Michigan and Wisconsin are the furthest behind at 5 percent and 4 percent, respectively.
Soybean sales are a bit behind the five-year average, but tightening supply elsewhere remains supportive for U.S. exports. Cumulative soybean sales are at 38 percent of the USDA forecast, currently projected to reach 1.79 billion bushels.
The full version of this commentary appeared on our IQ platform Oct. 6, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers.Learn more about becoming a subscriber.
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