Soy Prices fading Through Wednesday Morning

Soybean futures are trading in the red with losses of as much as a dime this morning. Meal and soy oil futures are also red. The bean market was another 9 1/2 to 15 cents higher on Tuesday, erasing more of Friday’s sharp decline. Soymeal prices were $2.60 to $3.80/ton in the red on the day, leading the Dec contract to just $1.50 above the $400/ton mark. Front month soy oil futures went home 143 to 175 points higher on the day. 

The JPM customer kept the October meal deliveries, and also stopped the 1 lot put out overnight by an ADMIS customer. There were again zero deliveries against October BO. 

Barchart announced their revised soybean yield and output as 52.9 bpa and 4.762 bbu. That was up 10 mbu on a 0.10 increase in their Soybean Yield. The September StoneX soybean yield estimate is 51.3 bpa for a 4.442 bbu output. At the state level, StoneX sees NE beans yielding 51.5 bpa, IA yields of 62 bpa, and ECB yields from 57 to 65 bushels per acre.

Brazil has sown 4.5% of soy area according to Safras and Mercado. That is up from the 3.1% average pace and carries an initial output projection of 151.5 MMT. 

Nov 22 Soybeans  closed at $13.83 1/2, up 9 1/2 cents, currently down 10 cents

Nearby Cash   was $13.33 ¼ on Tuesday, up 9 1/8 cents,

Jan 23 Soybeans  closed at $13.93 1/2, up 9 1/2 cents, currently down 9 3/4 cents

Mar 23 Soybeans  closed at $14.01 1/2, up 9 3/4 cents, currently down 9 1/2 cents