Front month bean futures settled the day up a nickel to 5 ¾ cents. November printed an 18 ¾ cent range and closed above the $13 round number. Soymeal futures settled with $2-$3 gains across the front months. Soybean Oil futures ended the session 11 to 23 points in the black after a back and forth Tuesday session.
The pre-report survey has 244 mbu of soybean stocks expected for Sep 1. If realized that would be 6 mbu tighter than the WASDE projection. Traders estimate between 216 mbu and 270 mbu will be in the quarterly NASS report.
Brazil’s Ag Rural reported soy planting at 1.9% finished as of 9/21. That compares to 1.5% at the same time last year.
The weekly Crop Progress update had 73% of soybeans were dropping leaves, and harvest advanced 7% points to 12% finished as of 9/24. Condition ratings were 334 on the Brugler500 Index
Nov 23 Soybeans closed at $13.02 3/4, up 5 cents,
Nearby Cash was $12.38, up 5 cents,
Jan 24 Soybeans closed at $13.21, up 5 1/2 cents,
Mar 24 Soybeans closed at $13.32 3/4, up 5 3/4 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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