Soybeans Fading Lower as USDA Raises Production and Stocks

Soybeans are falling 12 to  13 cents across the front months on Friday, with spillover pressure from corn and wheat. The cmdtyView national average Cash Bean price is down 13 1/4 cents at $12.30. Soymeal futures are down $3.90, with Soy Oil futures 25 points lower. 

The harvest window is a little shorter in the east, with upwards of an inch in parts of IN and OH in the next few days from the remnants of hurricane Isaias. Much of the rest of the country is dry until late Wednesday through Friday, with rains of 1-2 inches in IA, MO, MN, WI, the Dakotas, and eastern NE. 

The monthly Crop Production report from NASS showed US yield at 53.1 bpa, up 0.3 bpa from the previous estimate. That took the production estimate 27 mbu higher to 4.562 bbu, and was above estimates. 

US soybean ending stocks were up 5 mbu to 315 mbu, against trade ideas looking for a cut, as the increased supply was the issue. Exports were up 10 mbu. World stocks say a modest 0.26 MMT increase to 124.28 MMT, as South American supplies were unchanged.

China’s state-owned Sinograin will auction of another 518,000 MT of imported soybeans on October 13.

Nov 26 Soybeans  are at $12.74 1/2, down 13 cents,

Nearby Cash  is at $12.17 1/1, down 13 1/4 cents,

Jan 27 Soybeans  are at $12.91 1/2, down 12 3/4 cents,

Mar 27 Soybeans  are at $13.01 1/2, down 12 1/2 cents,

New Crop Cash  is at $11.81 1/4, down 9 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.