Soybeans were weaker for much of the midweek session with contracts a penny to 5 ½ cents lower at the close. The cmdtyView national average Cash Bean price was down 6 1/4 cents at $12.40 1/4. Soymeal futures were up $4.70 to $12.50 at the close, with Soy Oil futures 120 to 223 points lower.
Weekly Export Sales data from USDA will be out on Thursday, as traders polled by Reuters are looking for a range of 0.45 to 1.2 MMT of soybean sales in the week of 10/1. Soy meal sales are seen between 150,000 and 300,000 MT, with bean oil sales expected in a range of 0 to 3,000 MT.
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Traders polled by Bloomberg estimate the US yield to be raised by 0.1 bpa this week in the Crop Production report to 52.9 bpa, with production to be up just 3 mbu to 4.538 bbu.
Harvest should make progress across the country in the next week, with a drier pattern. Further out does show prospects for rains in parts of NE, MO, IA, as well as IN and OH.
Nov 26 Soybeans closed at $12.97 1/2, down 5 1/2 cents,
Nearby Cash was $12.40 1/4, down 6 1/4 cents,
Jan 27 Soybeans closed at $13.14 1/2, down 4 3/4 cents,
Mar 27 Soybeans closed at $13.24, down 4 3/4 cents,
New Crop Cash was $11.97 1/4, down 3 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.