Beans Fade on Tuesday

Soy futures ended the day with 4 ¾ to 13 ½ cent losses, though most of the action came via a gap lower at the open – in response to Monday’s gap higher out of the weekend. November closed essentially at the low for the day, and sits at a 4 ¾ cent gain for the week. Soymeal futures ended with $6.40 to $7.10 losses on the Tuesday session. Soybean Oil futures settled with 12 to 34 point losses on the second trade day of the week.  

USDA reported a 246.1k MT new crop soybean sale to unknown destinations this morning and a 105k MT new crop meal sale to unknown via the mandatory reporting system. 

Argentina’s latest preferential exchange rate for soy exports will be adjusted in September to maintain the preferential rate and encourage sales during the ongoing wicked domestic inflation. 

StatsCan reported 23/24 soybean production is expected at 6.735 MMT, compared to 6.543 MMT last season and 6.7 expected. Canola output came in about 160k MT above the average trade guess but still a 1.1 MMT loss yr/yr with 17.561 MMT reported this morning. Full run of estimates was 16.1 MMT to 18.6 MMT going in. Canadian Canola Prices are ~$10 off their highs so far, but still $3 to $4 CAD/MT higher at midday.

USDA’s Crop Progress report had 91% of the national soybean crop with set pods, and 5% dropping leaves as of 8/27. The weekly report lowered national soy conditions by 2 points on the Brugler500 Index to 350.

Sep 23 Soybeans  closed at $13.82, down 13 1/4 cents,

Nearby Cash   was $13.74 1/2, down 15 5/8 cents,

Nov 23 Soybeans  closed at $13.92 1/2, down 13 1/4 cents,

Jan 24 Soybeans  closed at $14.05, down 11 1/2 cents,