Soybeans Turn Around for Monday Gains
Soybean futures were 1 ½ to 3 ¾ cents higher. Nov saw $13 at the high for the day, but ended below the round number mark. Soymeal futures closed up by $3.80 to $4 on the day. Soybean Oil futures closed triple digits weaker with 3% losses.
The weekly Crop Progress update from NASS showed 73% of soybeans were dropping leaves, up from 54% last week and 11% points ahead of average. National harvest advanced 7% points through the week to 12% finished as of 9/24. That remains 1 ppt ahead of average. Remaining conditions saw 2% points shift from G to F for a 2 point drop on the Brugler500 Index at 334. That is the lowest score of the season. IL conditions improved drastically for the week, NC, ND, and MO also improved while most of the other states fell by less than 10 points wk/wk on the Brugler500.
USDA reported the week’s soybean shipment was 481.6k MT (17.7 mbu). That was up from 430k MT last week and was 65% above the same week last year. China was the top destination for the week. The report showed 1.285 MMT (47.2 mbu) have been shipped MYTD through 9/21.
Nov 23 Soybeans closed at $12.97 3/4, up 1 1/2 cents,
Nearby Cash was $12.33 1/1, up 3/4 cent,
Jan 24 Soybeans closed at $13.15 1/2, up 2 cents,
Mar 24 Soybeans closed at $13.27, up 2 1/4 cents,
On the date of publication, Alan Brugler 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.