Red Soy Futures at Midday

Beans dropped hard at the day session open, tanking Nov all the way to $13.68. Since then the board has squared up and is now working with midday losses of 11 to 16 cents. Meal futures are down $6.50 to $7.20/ton at midday. Front month soybean oil futures are in the black with midday gains of as much as 90 points.  

Weekly Export Inspections showed 2.889 MMT of soybeans were shipped during the week that ended 10/20. That was 12.5% above the same week last year and was 32% higher than the 5-yr average for the week. Shipments from the Mississippi River were 1.277 MMT, compared to 1.22 MMT shipped out of the PNW. China was the destination for 3/4 of the total. The USDA also added 42.4k MT to recent reports, taking the season’s accumulated export total to 7.6 MMT as of 10/20. That is down from 8.6 MMT at the same point last year. 

Nov 22 Soybeans  are at $13.81 1/4, down 14 1/4 cents,

Nearby Cash   is at $13.36 3/8, down 13 7/8 cents,

Jan 23 Soybeans  are at $13.89 1/2, down 15 cents,

Mar 23 Soybeans  are at $13.96 3/4, down 15 cents,