Soybeans Higher to Start Thursday Trade

Core Insights - Soybean prices have shown slight increases, with futures up 1 to 4 cents across most contracts on Wednesday, while cash bean prices decreased by 4.25 cents to $10.21. [1] - The USDA reported significant private export sales of soybeans, totaling 136,000 MT to China and 119,000 MT to unknown destinations, indicating strong demand. [2] - The September soybean crush reached 204.93 million bushels, a 9.89% increase year-over-year, with October setting an all-time record at 237 million bushels, reflecting robust processing activity. [3] Market Data - Open interest in soybean futures decreased by 9,608 contracts on Wednesday, suggesting a reduction in market participation. [1] - The upcoming USDA Export Sales data is anticipated to show soybean sales between 0.6-1.4 MMT, with soybean meal sales expected in the range of 50,000 to 450,000 MT. [4] - Managed money net long positions increased by 15,760 contracts as of November 10, bringing the total to 194,443 contracts, indicating bullish sentiment among traders. [4] Production and Stock Updates - Brazil's soybean production forecast was adjusted to 177.12 MMT, a slight decrease of 0.48 MMT from the previous estimate. [5] - As of October 31, bean oil stocks were reported at 1.781 billion lbs, an increase of 11.89% from the previous year, indicating a growing supply. [3]