Soybean Meal Futures Market News and Commentary
Soybean futures fell by 0.3% to 0.4% on Tuesday. That has Nov set at as 2 ¼ cent loss for the week’s move. Soymeal futures ended with $1.70 to $4.40 losses, leaving the October contract at the lowest print since July ’22. Soybean Oil futures closed the session with 30 to 40 point losses on the day’s loss.
USDA announced a 265k MT soybean sale to China this morning.
The Strategie Grains increased Europe’s rapeseed forecast by 600k MT to 19.5 MMT.
The weekly Crop Progress report had 86% of soybeans dropping leaves as of 10/1. Harvest advanced 11% points to 23% finished. The average pace is to be 22% finished. The condition ratings improved, which is often the case after the combines roll. The Brugler500 Index rose 5 points to 339. Indiana jumped the most.
The monthly Fats and Oils report had 168.98 mbu of soybeans crushed for August. That was down from 184.8 mbu in July and was 6 mbu lighter than Aug ’22. The 22/23 soy crush totaled 2.212 bbu. Soybean oi... Read more