Soybeans posted 9 to 10 cent losses across most contracts on Monday. CmdtyView’s national front month Cash Bean price is down 8 1/2 cents at $9.35 ½. Soymeal futures were steady to $1.50/ton higher on the day. Soy Oil contracts were down 125 to 143 points on the session, as $3.70/barrel losses on crude were playing a negative role.
The average close for November soybean futures, which indicates the fall crop insurance price, so far this month is $10.28. That is $1.27 below the February base price.
NOPA will release their monthly crush report on Tuesday, with the trade looking for a 170.33 mbu total above members during September. Soybean oil stocks are estimated at 1.083 billion lbs.
Chinese soybean imports in September totaled 11.37 MMT according to the country’s customs data, which was up 59% from the same month last year. Since Jan 1, their imports have totaled 81.85 MMT, 8.1% largest than the year prior.
AgRural estimates the Brazilian soybean crop at 8.2% planted as of last Thursday, vs. the 17% from last year.
Nov 24 Soybeans closed at $9.96, down 9 1/2 cents,
Nearby Cash was $9.35 1/2, down 8 1/2 cents,
Jan 25 Soybeans closed at $10.11 1/2, down 9 1/2 cents,
May 25 Soybeans closed at $10.39 1/4, down 10 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 Barchart Disclosure Policy here.
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