Following some overnight strength to $14.89 NOV, the market has dropped back to break even with fractionally mixed prices. Turnaround Tuesday profit taking resulted in 2 3/4 to 9 1/2 cent soybean losses. November poked above the $15/bu mark at the day’s high. Meal prices closed with 2.5% losses of +$10/ton. Soybean oil stayed positive on the day ending the session 24 to 59 points higher in the front months.
Traders are looking for the StatsCan report to keep soybean output between 6.2 and 6.5 MMT in the report later this morning. Canada estimated output as 6.38 MMT in August. Canola production is anticipated to increase from 19.5 MMT to 19.9 MMT on average, though the full range of pre-report estimates are from 18.8 MMT and 20.9 MMT.
Sep 22 Soybeans closed at $15.34 1/4, down 15 1/2 cents, currently UNCH
Nearby Cash was $14.40 3/8, down 14 cents,
Nov 22 Soybeans closed at $14.78 3/4, down 9 1/2 cents, currently UNCH
Jan 23 Soybeans closed at $14.84, down 8 1/4 cents, currently down 1/4 cent
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/The%20CrowdStrike%20logo%20on%20an%20office%20building%20by%20bluestork%20via%20Shutterstock.jpg)