Front month bean futures closed the day with double digit losses of as much as 23 ½ cents. The Soymeal futures market closed $3.20 to $4.60 in the red. Front month Soybean Oil futures were down by triple digits to start the week.
The weekly Crop Progress report showed 54% of beans were dropping leaves as of 9/17. That compares to 43% on average. NASS reported soybean harvest at 5% finished, compared to 4% on average. That included 4% for NE and 3% for IA. Soybean conditions dropped 1 ppt from E to G. That resulted in a net 1 point drop on the Brugler500 to 336. At the state level NASS had the largest drop as IL, ND, and OH.
USDA’s daily reporting system announced a 23/24 soybean sale for 123k MT to China this morning.
Weekly Inspections data showed 393,004 MT of soybeans were exported during the week that ended 9/14. That was a 20k MT increase from last week, but was below the 521k shipped during the same week last year. USDA had the MY total at 766.6k MT for the first two weeks of the season.
Private analyst Patria Agronegocios reported Brazil at 0.4% planted for 23/24 soybeans. That trails the 0.16% pace last season.
Nov 23 Soybeans closed at $13.16 3/4, down 23 1/2 cents,
Nearby Cash was $12.52 1/8, down 22 3/8 cents,
Jan 24 Soybeans closed at $13.32 3/4, down 23 cents,
Mar 24 Soybeans closed at $13.43 1/2, down 22 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. For more information please view the Barchart Disclosure Policy here.
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