The soybean futures market stayed firm through the Tuesday session. November beans closed 2 1/4 cents higher to the other front months’ fractional to 1 3/4 cent gains. Meal prices worked both sides of the market but ended the day mostly higher within $1/ton of UNCH. Soy oil prices closed 48 to 59 points in the red.
USDA’s Crop Progress data showed 91% of soybeans nationally are dropping leaves, up from 88% on average. Bean harvest is running 6% points ahead of average with 44% of the crop out. Bean harvest in IL trails their average pace by 12% points with 31% out, and in IA harvest reached 55% complete compared to 36% on average. Soybean conditions scored 5 points higher on the Brugler500 Index at 347.
The updated 7-day QPF shows some ECB rain that may delay harvest in IL with 1 1/2” accumulated through the coming week. Southeastern IA along with IN and OH will also catch some rain, though totals amount to less than 1”.
The weekly Export Inspections data from USDA showed 969,212 MT of soybeans were exported during the week that ended 10/6. That was up 384k MT wk/wk but was 775k MT below the same week last year. USDA also included 10.5k MT of shipments to past reports for a season total of 2.8 MMT. Last year we had 3.584 MMT at this point.
Brazilian soybeans were 9.6% planted according to AgRural, slightly behind last year’s pace.
Nov 22 Soybeans closed at $13.76 1/4, up 2 1/4 cents,
Nearby Cash was $13.25 3/8, up 2 1/4 cents,
Jan 23 Soybeans closed at $13.88, up 2 1/4 cents,
Mar 23 Soybeans closed at $13.97, up 1 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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