Soybeans are continuing Monday’s strength early on Tuesday, with gains of 7 to 8 cents. They started the week off with a rally, as contracts were up 18 ¼ to 27 ¼ cents across the board and closing near the highs. Preliminary open interest showed a rotation of ownership, up 1,268 contracts, as Nov was down by 1,031 contracts and January was up 3,226 contracts. CmdtyView’s national front month Cash Bean price was up 27 cents at $9.77 ½. Soymeal futures posted $7.30 to $9.70/ton gains. Soy Oil futures were up 36 to 50 points. Some attributed the lack of precip in the Brazilian forecast as we get into October. Normally they would be exiting their dry season around this time.
NASS reported the US bean crop at 65% dropping leaves by September 22, ahead of the 57% average pace, with harvest 13% complete and 5% faster than normal. Condition ratings were unchanged across the board at 64% gd/ex, with the Brugler500 index steady at 362.
Export Inspections data indicated that 485,216 MT (17.83 mbu) of soybeans were shipped during the week that ended on September 19. That was down 4.5% from the same week last year but slightly higher than last week. A total of 171,091 MT was on its way to China, with 74,532 MT headed to Mexico. With just under 3 total weeks in marketing year, 1.232 MMT (45.27 mbu) have been exported, which is down 6.1% from last week.
Soybean planting pace in Brazil is estimated at 0.9% according to AgRural, below the 1.9% from last year.
Nov 24 Soybeans closed at $10.39 1/4, up 27 1/4 cents, currently up 8 cents
Nearby Cash was $9.77 1/2, up 27 cents,
Jan 25 Soybeans closed at $10.56 3/4, up 27 1/4 cents, currently up 8 cents
May 25 Soybeans closed at $10.82 3/4, up 25 cents, currently up 7 1/2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
