Soybeans closed with contracts 7 ¼ to 16 cents lower across the board, following elections in Brazil over the weekend. The cmdtyView national average Cash Bean price was down 15 1/2 cents at $11.84 1/2. Soymeal futures were down $4.70 to $6.50, with Soy Oil futures 11 to 27 points higher.
Following elections in Brazil over the weekend, President Lula da Silva was reelected in a surprise that has sent the Brazilian real down over 9% to the dollar this morning. The weaker currency makes their beans cheaper by comparison to the US.
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The NASS Crop Progress report indicated 79% of the US soybean harvest was complete, now 2 percentage points ahead of normal.
The Monday Export Inspections report showed soybean shipments of 2.476 MMT (90.99 mbu) in the week of 10/22. That was 19.7% larger than the week prior and more than double the same week last year. China was the largest destination of 1.652 MMT, with 264,556 MT shipped to Mexico and 114,266 MT to Egypt. Shipments for the marketing year are now at 9.705 MMT (356.6 mbu) of soybeans, which is now 42.4% ahead the same period last year.
Brazil’s soybean planting pace was estimated at 40% complete as of Thursday according to AgRural, running ahead of the 36% average pace.
Nov 26 Soybeans closed at $12.41 1/4, down 15 1/4 cents,
Nearby Cash was $11.84 1/2, down 15 1/2 cents,
Jan 27 Soybeans closed at $12.52 1/2, down 16 cents,
Mar 27 Soybeans closed at $12.61, down 15 cents,
Nov 27 Soybeans closed at $12.21 1/4, down 9 3/4 cents,
New Crop Cash was $11.54 3/4, down 9 1/2 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.