Beans Fading through Midday

Front month soybean futures are trading 6 to 10 cents in the red through midday. Soymeal futures are $6.60 to $10 in the red as well. BO futures are adding to the upside so far through Tuesday – with another triple digit gains of as much as 155 points. 

The updated Barchart soy production outlook saw a 0.06 bpa yield boost to 52.96 bpa national cmdtyView Bean Yield. They now expect production to reach 4.766 billion bushels.  

Brazil’s Safras and Mercado reported 19.1% of the 22/23 soybean crop has been planted as of 10/14. That is up from 9.7% last week, but trailing 21% last year. AgRural mentioned 24% of the crop was planted through 10/14, up from 10% last week and 22% last year. 

USDA reported 96% of soybeans were dropping leaves, compared to 91% last week and 94% on average. Bean harvest progressed 19% to 63% complete through the week that ended 10/16. The 5-yr average pace would be 52% harvested. Soybean condition scores were UNCH nationally at 347 on the Brugler500 Index. 

NOPA members reported a September soybean crush of 158.109 mbu. Soybean oil stocks were shown at 1.459b lbs. 

Nov 22 Soybeans  are at $13.74 1/4, down 11 cents,

Nearby Cash   is at $13.27 5/8, down 10 5/8 cents,

Jan 23 Soybeans  are at $13.82 1/2, down 10 1/4 cents,

Mar 23 Soybeans  are at $13.90 3/4, down 9 1/4 cents,