Soybean prices increased by 3 to 4 cents in early trading on Thursday, with the November contract closing at $10.06 1/2. The cmdtyView national average cash bean price also rose to $9.32 3/4, up 1/4 cent. Preliminary open interest showed a decline of 10,590 contracts on Wednesday, primarily in the November contract, which saw a drop of 18,472 contracts. Soymeal futures increased between $1.10 to $1.60, while soy oil gained 23 to 28 points.
According to NOPA data released on Wednesday, 197.86 million bushels of soybeans were crushed in September, surpassing the estimate of 186.34 million bushels. This marks a 4.24% rise from August and an 11.59% increase over last year’s record for September. Soybean oil stocks stood at 1.24 billion pounds, reflecting a 0.17% decrease from the end of August, yet a significant 16.6% year-over-year increase.
Due to a government shutdown, the Export Sales data will be delayed until Friday, with anticipated soybean sales ranging between 0.4 and 1.4 million metric tons for the week of October 9. Bean meal sales are expected to fall between 150,000 and 400,000 metric tons, while soy oil sales are projected between 5,000 and 30,000 metric tons.
