The soybean market ended the Tuesday session fractionally to 1 ½ cents in the red. The November contract saw an 11 ¾ cent range on the day from -8 ¾ to +3 cents. Soymeal futures closed $1.10 to $1.40/ton higher. Soybean Oil futures closed the session 61 to 65 points in the red.
Canadian Canola Prices are down by $5 CAD/MT so far.
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.
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 $13.15 1/2, down 1 1/4 cents,
Nearby Cash was $12.51 1/1, down 1 1/8 cents,
Jan 24 Soybeans closed at $13.31 3/4, down 1 cent,
Mar 24 Soybeans closed at $13.42 1/4, down 1 1/4 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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