Beans Close with Firmness

The afternoon session left soybeans mostly weaker after fading midday gains. Losses were limited to 2 1/4 cents, as November traded within a 16 1/2 cent range. Sept beans rolled off the board at a 6 cent discount to November priced at $12.76 1/2 per bushel. Sept meal was $341.20/ton at expiration, or $3.20 above October. BO futures faded back from their triple digit midday gains, but still closed 88 to 94 points in the black. September rolled off the board at 56.68 cents/lb. 

StatsCan released their August forecast for 2021/22 production. They have canola output at 12.78 MMT, down from 19.5 in 20/21. The average trade guess was for 13.6 MMT, with the lowest survey estimate at 12.2. Canola yields are pegged at a 10-yr low of 25.3 bpa on a 8.1% acreage boost from last season. Soybean production in Canada is down 7.4% yr/yr to 5.886 MMT. The national average yield for Canadian soybeans is figured at 40.9 bpa, down 11.7% and offsetting a 4.8% acreage increase. 

AgRural reported some 2021/22 Brazilian soybean planting begun during the week ending 9/9. Planting had not yet reached reportable levels, though Parana had started with Mato Grosso, Mato Grosso do Sul, and Sao Paulo are expected to begin this week. The Brazilian Ag Ministry extended the soy planting window from 110 days to 140 days, or until Feb in some states, citing increased seed production and the need for later planting. The original law was in place to help limit Asian rust. September 15 was historically the first date you could plant soybeans. 

Nov 21 Soybeans  closed at $12.82 1/2, down 2 1/4 cents,

Nearby Cash  was $12.38 5/7, down 2 1/2 cents,

Jan 22 Soybeans  closed at $12.91 3/4, down 1 3/4 cents,

Mar 22 Soybeans  closed at $12.96 1/4, down 1 3/4 cents,