Red Soy Futures at Midday

Beans are down 4 ¼ to 6 ½ cents so far through Tuesday. The products are also red so far, with $2 to $4 losses in Soymeal futures and 15 point losses in Soybean Oil futures.  

USDA announced a 265k MT soybean sale to China this morning. 

The Strategie Grains increased Europe’s rapeseed forecast by 600k MT to 19.5 MMT. 

The weekly Crop Progress report had 86% of soybeans dropping leaves as of 10/1. Harvest advanced 11% points to 23% finished. The average pace is to be 22% finished. The condition ratings improved, which is often the case after the combines roll.  The Brugler500 Index rose 5 points to 339. Indiana jumped the most. 

The monthly Fats and Oils report had 168.98 mbu of soybeans crushed for August. That was down from 184.8 mbu in July and was 6 mbu lighter than Aug ’22. The 22/23 soy crush totaled 2.212 bbu. Soybean oil stocks were drawn down to 1.772b lbs, from 2.166 billion in July. 

USDA’s Export Inspections report showed 663k MT of soybeans were shipped during the week that ended 9/28. That was up from 507k MT last week and from 609k MT during the same week last year. The report showed the season to date total shipments are 1.974 MMT, up by 158k MT from last season’s starting pace. 

Nov 23 Soybeans  are at $12.71 1/4, down 5 3/4 cents,

Nearby Cash   is at $12.06 1/4, down 5 3/4 cents,

Jan 24 Soybeans  are at $12.91 1/4, down 5 1/2 cents,

Mar 24 Soybeans  are at $13.07 1/4, down 6 cents,