Soybean Market Rebounds Overnight

Soybeans are mostly 3 to 4 cents higher this morning. Futures closed Wednesday lower by as much as 6 3/4 cents. There was some net new selling, with preliminary open interest rising 13,046 contracts (mostly Jan, March and May). Soybean meal also finished lower on the day, by $3.80/ton. Soybean oil, on the other hand, did gain 18 points on Wednesday. There were zero delivery notices against November futures overnight, as the commercial stopper is in fact sitting on them. Soybean basis was -0.6242 for the last week of October after climbing steadily through the month, but through the first week of November the basis has dropped to average -0.70 so far. Last year the average through the first week of November was -$1.02. Trade estimates for soybean export sales for the week ending on 10/31 range from 600,000 – 1.2 MMT. Soybean meal is expected to see export sales between 150,000 - 300,000 MT for the same week. Traders are anticipating this morning’s weekly report to indicate soybean oil export sales from 5,000-25,000 MT.

-- provided by Brugler Marketing & Management

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