Soybeans pulled back off of early double digit gains on Monday, with contracts closing fractionally to 3 1/4 cents higher across most contracts. The cmdtyView national average Cash Bean price was up 2 1/4 cents at $12.25 1/4. Soymeal futures were up $1.20 to $1.80 lower, with Soy Oil futures up 21 to 80 points.
A private export sale of 104,000 MT of soybeans was reported this morning by USDA to unknown destinations.
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The NASS Crop Progress report from Monday indicated 85% of the US soybean crop dropping leaves as of 10/4. Harvest was just 25% complete, now 7 percentage points behind normal. Condition ratings were down 1% to 57% gd/ex, with the Brugler500 index slipping 2 to 350.
The Monday Export Inspections report showed soybean shipments of 1.138 MMT (41.83 mbu) in the week of 10/1. That was up 45.3% from the week prior and 1.5% below of the same week last year. China was the largest destination of 756,492 MT, with 126,680 MT shipped to Algeria and 59,219 MT to Bangladesh. Shipments for the marketing year are now at 3.986 MMT (146.5 mbu) of soybeans, which is now 30.9% ahead the same period last year.
Brazil’s soybean crop was estimated at 7.3% planted as of Thursday according to AgRural, now behind the 9% from last year. They estimate the country’s soybean crop at 182.7 MMT, a 0.1 MMT increase from their previous number.
Nov 26 Soybeans closed at $12.80 3/4, up 2 1/2 cents,
Nearby Cash was $12.25 1/4, up 2 1/4 cents,
Jan 27 Soybeans closed at $12.97 1/2, up 3 cents,
Mar 27 Soybeans closed at $13.08, up 3 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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