Beans dropped out of the weekend with 9 ¼ to 15 ½ cent losses across the front months. November contracts printed an 18c range on the day, but closed at the session low and under the $13 mark. Soymeal futures settled $0.30 to $1.45 weaker on the day. Front month Soybean Oil futures ended the day with triple digit losses of as much as 145 points.
NASS reported the national soybean harvest advanced 14% points to 76% finished as of 10/22. That remains 9% points ahead of the average pace. IL was 9ppts ahead of average at 80% finished, while IA was 16ppts ahead of average at 87% done.
Louis Dreyfus announced a new soybean processing plant for Wyandot county in OH, expected to crush 55 mbu/yr.
Weekly inspections data had 2.459 MMT (90.35 mbu) of soybean exports for the week that ended 10/19. That was up 9% for the week but down 16% from last year. The season’s total export reached 7.89 MMT (290 mbu) as of 10/19, compared to 7.64 MMT (281 mbu) last year.
Chinese data showed soybean imports from Brazil made up 6.88 MMT of the 7.15 MMT Sep import total. The U.S. share was only 134,000 MT for the month. The IGC expects 23/24 world soybean production of 393 MMT. That is 3 MMT below their prior estimate, with a corresponding cut to usage. Ending stocks were left at 62 MMT in their October forecast.
Nov 23 Soybeans closed at $12.86 3/4, down 15 1/2 cents,
Nearby Cash was $12.30 3/8, down 15 cents,
Jan 24 Soybeans closed at $13.05 1/2, down 14 3/4 cents,
Mar 24 Soybeans closed at $13.18 1/4, down 12 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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