Soybeans 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. 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.
The USDA reported a private export sale of 165,000 MT of soybeans to unknown destinations this morning under the daily reporting system.
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,
Nearby Cash was $9.77 1/2, up 27 cents,
Jan 25 Soybeans closed at $10.56 3/4, up 27 1/4 cents,
May 25 Soybeans closed at $10.82 3/4, up 25 cents,
New Crop Cash was $9.77 1/2, up 27 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
