Soybean Meal Dec '21 (ZMZ21)
Soybean Meal Futures Market News and Commentary
Risk off Monday left soybean futures 17 3/4 to 21 1/2 cents in the red at the bell. Product value declined. Soymeal futures also ended the session $2.00 to $2.40/ton weaker. Front month soybean oil prices closed with 137 to 139 point losses.
NASS data showed 58% of soybeans were dropping leaves as of 9/19. That is 10% points ahead of average. Bean harvest reached 6% completion as of 9/19, which matches the average and was just above the trade’s expectation. Soybean conditions from the NASS data converted to a Brugler500 score of 351. That came as 1% each from fair and excellent was shifted to good, raising the good/ex category to 58%. Conditions in IL were sharply better, with a 24 point boost to 390 on the index. That helped to offset worsening conditions in LA, MI, MN, NC, ND, and OH. Kansas and Nebraska conditions also improved some.
USDA’s weekly Export Inspections report showed 275,169 MT of soybeans were shipped during the week of 9/16. That was up from 193k MT l... Read more
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