Soybean Futures Market News and Commentary
Beans are back in the red after some overnight buy action. Prices are currently 15 cents off their highs and 2 ¾ to 5 ½ cents in the red. Soymeal futures are also lower with losses of $2.10 to $2.30/ton so far. Soybean Oil futures are firm but off their highs, holding to gains of less than 20 points.
The pre-report survey has 244 mbu of soybean stocks expected for Sep 1. If realized that would be 6 mbu tighter than the WASDE projection. Traders estimate between 216 mbu and 270 mbu will be in the quarterly NASS report.
Brazil’s Ag Rural reported soy planting at 1.9% finished as of 9/21. That compares to 1.5% at the same time last year.
The weekly Crop Progress update from NASS showed 73% of soybeans were dropping leaves, up from 54% last week and 11% points ahead of average. National harvest advanced 7% points through the week to 12% finished as of 9/24. That remains 1 ppt ahead of average. Condition ratings saw 2% points shift from good to fair for a 2 point dr... Read more