Soy Turns Around on Tuesday, Harvest @ 76%

Soybean prices are up by 4 to 5 cents in early Tuesday market activity. Beans dropped coming out of the weekend with 9 ¼ to 15 ½ cent losses on Monday. November contracts printed an 18c range on the day, but closed at the session low and under the $13 mark. Commercials and specs were actively rolling positions from November to January, with November preliminary OI down 16,688 contracts and January up 8,588.  The rest went further out or were liquidated. 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 will be built in Wyandot County (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 to date exports reached 7.89 MMT (290 mbu) as of 10/19, compared to 7.64 MMT (281 mbu) last year at this time. 

Soybean planting in Brazil’s largest soybean production state (Mato Grosso) is estimated to be 60% complete by private analytical firm AgRural. That is ahead of the 5 year average of 51% for this date. 

Nov 23 Soybeans  closed at $12.86 3/4, down 15 1/2 cents, currently up 4 1/4 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, currently up 4 1/4 cents

Mar 24 Soybeans  closed at $13.18 1/4, down 12 3/4 cents, currently up 4 1/4 cents