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Soybean futures lost 2 1/2 to 3 cents today and November was down 15 cents on the week. October soybean meal was down $10.20 from a week earlier, or -3.42%. Consultant Informa estimates an average 2015/16 bean yield of 47.2 bu/ac. FC Stone put the yield at 46.9 bu/ac, up from its previous estimate of 45.4 bu/ac. Stats Canada updated its Canadian canola crop production estimate to 14.3 MMT, up from their previous estimate of 13.4 MMT but down 12.9% from last year. They are slightly less optimistic about Canadian soybean production than USDA was in September. The weekly COT report showed managed money accounts were a net 15,753 contracts less short than they were a week earlier. As of the Tuesday close their net short position was -30,497 contracts.
Nov 15 Soybeans closed at $8.74 1/4, down 3 cents,
Jan 16 Soybeans closed at $8.78 1/4, down 2 1/2 cents,
Mar 16 Soybeans closed at $8.82, down 2 3/4 cents,
May 16 Soybeans closed at $8.86 1/4, down 2 cents,
Oct 15 Soybean Meal closed at $298.50, down $4.10,