Soybean Pressure Continues Overnight

Soybeans are trading with Thursday morning losses of 10 to 11 cents so far. Futures posted losses of 4 ½ to 11 cents across the board on Wednesday. CmdtyView’s national front month Cash Bean price was down 10 cents at $9.21 1/2. Soymeal futures were firm to $1.90/ton higher to close out the day. Soy Oil contracts were 44 to 77points lower on the session. The average close for November soybean futures so far in October, which indicates the fall crop insurance price, is $10.21. That is $1.34 below the February base price.

USDA reported a private export sale of 175,000 MT of soybeans to unknown destination on Wednesday morning. Weekly Export Sales data will be pushed back to a Friday release thanks to the Monday holiday. 

The delayed Crop Progress report from NASS showed the US soybean harvest at 67% complete as of Sunday. That is 16% ahead of the 5-year average pace. Just LA was reported as behind their average harvest pace, with all of the top 10 major producing states except NE (+8%) mor than double digits ahead of the normal harvest pace.

Nov 24 Soybeans  closed at $9.80, down 11 cents, currently down 10 cents

Nearby Cash  was $9.21 1/2, down 10 cents,

Jan 25 Soybeans  closed at $9.94, down 9 1/2 cents, currently down 10 3/4 cents

May 25 Soybeans  closed at $10.22, down 8 1/2 cents, currently down 10 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 Barchart Disclosure Policy here.