Soy Extending Losses

Bean futures are down another 2 1/4 to 3 3/4 cents nearby through Friday’s midday. The new crop futures are down harder, with 8 1/2 to 9 1/4 cent losses – leaving the Nov to Nov spread at just a 3 cent carry. The November to Jan carry was 9 3/4 cents at midday. Soymeal futures are trading $1.20 to $1.90 higher so far. BO futures are extending the Thurdsay draw down with another 37 to 42 point losses. Crude Oil futures are firmer again on Friday after recovering from the pullback and resuming the rally to $83+/bbl. 

The October forecast from the International Grains Council left their production output at 380 MMT for 21/22 beans. That is still a 14 MMT increase from 20/21. Carryover was 3 MMT higher from their prior estimate, though 9 MMT up from 20/21. 

NOAA’s updated 7-day QPF shows a rain band of up to 4” running across southern IA to the Western border of OH. Surrounding areas will also get rain of +3/4”, though the WCB and Northern Plains will remain mostly dry through the next week. 

Nov 21 Soybeans  are at $12.21, down 3 cents,

Nearby Cash   is at $11.77 2/9, down 3 3/8 cents,

Jan 22 Soybeans  are at $12.30 1/2, down 3 cents,

Mar 22 Soybeans  are at $12.40, down 3 1/2 cents,