Soybean Futures Market News and Commentary
Beans are giving back their double digit gains at midday. The board is still up by 7 1/4 to 8 1/4, though November is a dime off the high. Meal futures have also faded some, but are still $4 to $4.90 stronger. BO futures are trading 18 to 34 points in the black.
For their mid-October update, Barchart decided to add another 0.19 bpa to their cmdtyView Bean Yield forecast. It is now 0.12 below USDA’s official figure at 51.38 bpa. The largest swing was to Wisconsin, which was boosted 3 bpa to 57.3. South Dakota was bumped by 1.7 bpa, while ND was upped 0.45 – to 43.66 and 35.48 respectively. Nebraska soybean yield’s were estimated 2.5 bpa lower than last report @56.0. On net, soybean production was upped 15 mbu to 4.457 billion compared to USDA’s official 4.448 bbu.
NASS reported after the Monday close that 95% of beans had dropped leaves as of 10/17 – matching the average. Harvest had progressed 11% points to 60% complete, and is now 5% points ahead of the average pace. <... Read more