Commodity markets strengthen and the dollar weakens, driving soybeans to soar

On November 16th, the CBOT soybean market closed sharply higher, mainly due to a weaker dollar and a surge in commodity markets across the board, boosting bullish sentiment in the soybean market.

CBOT soybeans rose 18 cents to 23.50 cents as of the close, with January contracts up 23 cents at 1010 cents per bushel, March contracts up 23.50 cents at 1015.75 cents per bushel and May contracts up 22.50 cents at 1018.25 cents per bushel.

The soybean market opened high and quickly jumped over the high point in overnight trading, starting the day's soaring market. After a big rise in early trading, soybean prices fell slightly in midday, but in the afternoon, soybean prices soared again, hitting a new high. Among them, the January contract broke Friday's high.

Soybean oil rose relative to soybean meal, but the price of soybean meal also rose.

Traders said a weaker dollar and a surge in gold and international crude oil futures prices boosted sentiment in agricultural markets, including soybeans. In addition, the higher-than-expected soybean processing data in October also contributed to the rally in the soybean market.

According to the National oilseed processors Association, the amount of soybeans processed in the United States in October was 155.262 million bushels, 18 million bushels higher than market expectations. This is also the first month that the new beans are available for processing.

Although the soybean processing volume was much higher than expected, soybean oil stocks rose to only 2.286 billion pounds at the end of October, compared with 2.262 billion pounds at the end of September. Traders say this supports the price of soybean oil.

The weekly export inspection data are at the upper end of the expected range. According to the U.S. Department of Agriculture, U. S. soybean exports inspected 59.945 million bushels in the week ended Nov. 12. In addition, export inspection data released last week were revised to 64 million bushels from 59.9 million bushels earlier.

The total amount of export inspection so far this year has reached 26.6% of the USDA's annual export forecast, compared with a five-year average of 25.2%. The number of weekly export inspections for the rest of the year needs to reach 22.8 million bushels to meet the USDA's annual export forecast.

The weather will be drier in Missouri, central Illinois and northern Indiana in the coming days.

Heavy rains hit southern Brazil over the weekend, and local farmers are still growing soybeans, so rain will delay soybeans. The private sector says soyabean sowing in Brazil has been completed by 60 per cent.

There was 1.50 inches of rain in the soybean-producing areas of northern Argentina, while rainfall was low in the dry areas of the south. There will be more rain in Argentina's agricultural areas this week, especially in the north.

On November 16th, the turnover in the soybean market was estimated at 112962 lots.