Soybeans Falling After Multi-Year Low in NOPA Crush

Soybeans are facing some midday pressure, following this morning’s NOPA report. Futures are down 3 to 4 cents in the nearbys. Front month Soymeal futures are down 80 cents $1.20/ton. Soy Oil futures are up 40 to 48 points so far on the day, with crude oil gaining some strength. 

The USDA did release a private export sale announcement of 132,000 MT of soybeans sold to unknown destinations this morning. 

USDA’s Export Inspections report showed 401,287 MT of soybean shipped during the week that ended on September 12. That was an improvement of 9.95% from last week but down 6.69% from the same week last year. The largest destination was Mexico, at 121,006 MT, with 81,235 MT headed to Indonesia.

NOPA crush data was released earlier today, with August crush among members at just 158 million bushels. That was well below the 171.325 million bushel trade estimate, down 13.6% from a month ago and the lowest August crush since 2017. That did help to drop the soybean oil stocks total to 1.138 billion bushels, a draw of 24.07% from last month and down 8.92% from last year.

The weekly Commitment of Traders report indicated a total of 23,495 contracts were covered of the large managed money net short position. That was at 130,601 contracts as of 9/10, the lowest since late June. Commercials were trimming their net long position by 17,221 contracts at 44,811 contracts by Tuesday. 

Canadian canola production was pegged at 18.98 MMT this morning, according to Stats Canada estimates. That is down 1.1% from last year. 

Nov 24 Soybeans  are at $10.02 1/2, down 3 3/4 cents,

Nearby Cash  is at $9.41 1/2, down 3 1/2 cents,

Jan 25 Soybeans  are at $10.21 1/4, down 3 1/2 cents,

May 25 Soybeans  are at $10.50, down 3 1/4 cents,

New Crop Cash  is at $9.41 1/2, down 3 1/2 cents,