Soybeans Pause After Big Tuesday Gains
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 ZSK24 - Soybean
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ZSX211234-0s+21-6+1.79%

Soybeans are fractionally lower to start the Wednesday session. Soybeans rocketed to $12.40 on computer buying right after the USDA report was released, then held on to close 1.8% to 2% higher on the day. Preliminary open interest showed net new buying, rising 4,449 contracts. Soymeal stayed near the highs, but faded some to close 2.8% to 3.2% in the black with December at the highest close since 9/14. Bean oil futures closed 0.7% to 0.76% higher on the day.  Canola futures are near life of contract highs. 

USDA’s monthly update reduced the soybean yield by 0.3 bpa to 51.2 bpa. At the state level, IL was the highest average yield at 64 bpa, which was UNCH from October. KS soy yields were down a full 20 bpa from Oct to 41 bpa. NE fields were 1 higher to 61, as was ND at 26 bpa and MN at 49. South Dakota was 1 higher to 41 bpa. Overall production was 23 mbu lighter when the trade was ready for a 34.6 mbu increase. Carryout was 20 mbu higher at 340 mbu, as the 40 mbu export trim offset the smaller crop size. 

Internationally, USDA’s cut projected soybean ending stocks 790k MT to 103.8 MMT. The trade was looking for a slightly higher global carryout, so this was also bull friendly. USDA trimmed the Argentine output to 49.5 MMT, but left Brazil at 144. The USDA trimmed expected Chinese imports by 1 to 100 MMT and left their carryout UNCH from October. 

Nov 21 Soybeans  closed at $11.99 1/2, up 21 1/2 cents, and are 1 cent lower this morning

Nearby Cash  was $11.72 ½ yesterday, up 24 1/4 cents,

Jan 22 Soybeans  closed at $12.12, up 23 1/2 cents, and down ½ cent this morning

Mar 22 Soybeans  closed at $12.23 3/4, up 23 cents, and down ½ cent this morning




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