Soybeans Recovering from Monday Pullback

Beans are back up by 1 ¼ to 5 ¾ cents so far through Tuesday though the Nov contract is still under the $13 round number. CME data showed traders were actively rolling positions from November to January to start the week; November preliminary OI was down 16,688 contracts and January was up 8,588. Soymeal futures are currently $1.70 to $2.60 higher through midday. Soybean Oil futures are down by 59 points so far. 

Louis Dreyfus announced a new soybean processing plant will be built in Wyandot County (OH), expected to crush 55 mbu/yr. 

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. 

AgRural reported soy planting in Brazil advanced 13% points for the week to 30% complete. Soybean planting in Brazil’s largest soybean production state (Mato Grosso) is estimated to be 60% complete. Data from private analytics firm StoneX estimates that ~25% of the soybeans have been forward sold, up from 17% last year but trailing the 5-yr average for this point in planting. 

Weekly inspections data had 2.459 MMT (90.35 mbu) of soybean exports for the week that ended 10/19. The season to date exports reached 7.89 MMT (290 mbu) as of 10/19.

Nov 23 Soybeans  are at $12.91 3/4, up 5 cents,

Nearby Cash   is at $12.36 3/4, up 5 3/8 cents,

Jan 24 Soybeans  are at $13.11 1/2, up 6 cents,

Mar 24 Soybeans  are at $13.23, up 4 3/4 cents,