Soybeans are showing 1 to 2 cent higher trade so far on Thursday. First notice day for November soybean futures is today, with a total of 97 deliveries issued. Wednesday’s preliminary open interest showed net new buying across most with exception of the November contract, up 17,871 contracts leaving out the 27,681 contract exodus for Nov ahead of FND. CmdtyView’s national front month Cash Bean price is up 1 1/4 cents at $9.25 1/4. Soymeal futures are own another $2.60/ton and below the $300 level on Dec. Soy Oil futures are up another 116 points on the day.

The average close for November soybean futures throughout October has been $10.04. That is $1.51 below the February base insurance price.

USDA reported private export sales of 150,000 MT of soybean meal to unknown destinations for 2024/25 this morning.

The weekly Export Sales report was released this morning, tallying 2.273 MMT of soybeans sold in the week of 10/24. That was in the middle of trade estimates of 1.6 to 2.8 MMT, but a marketing year high total for 2024/25 sales. China was once again the top buyer of 715,000 MT, with 446,900 MT sold to unknown destinations and 299.300 MT to Mexico.

Soybean meal sales came in on the lower side of the 100,000 to 400,000 MT estimates at 208,366 MT, but an increase from the week prior. Bean oil bookings totaled 10,414 MT in the week of 10/24, on the lower end of estimates and well below last week. 

Monthly EIA data pegs a total of 1.217 billion lbs of bean oil as used in biofuel production during August. That was the third largest total for a month on record and up 1.66% from the same month last year. September crush data will be released on Friday afternoon by USDA.

Nov 24 Soybeans  are at $9.78, up 1 1/2 cents,

Nearby Cash  is at $9.25 1/4, up 1 1/4 cents,

Jan 25 Soybeans  are at $9.91 3/4, up 1/2 cent,

May 25 Soybeans  are at $10.22 1/4, up 1 cent,