Soy Weakness Continued Overnight

Soybeans are trading higher off their overnight lows into the day session. Futures had been an 8 cents in the red, but currently sit 3 to 4 ½ cents weaker for the day session start. Front month bean futures had double digit losses of as much as 23 ½ cents on Monday. Preliminary open interest showed modest net new selling, rising 2,834 contracts. 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. 

USDA’s announced a 23/24 soybean sale for 123k MT to China under the daily reporting system on Monday. 

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 is 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. 

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, currently down 4 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, currently down 3 3/4 cents

Mar 24 Soybeans  closed at $13.43 1/2, down 22 cents, currently down 3 3/4 cents