Twenty Cent Drop for Nov Beans

The soy futures complex starts the week with losses. Soybeans closed with a 21 cent loss for November contracts, and 10 1/2 to 19 3/4 cent losses for the other months. Bean oil was the weakest on the day with 2.45 to 2.72% losses. Soymeal futures closed the day down by $4/ton. USDA announced that both Pakistan and China purchased 132,000 MT of soybeans. A sale for 171,000 MT to unknown was also announced under the daily system. USDA’s weekly Export Inspections report noted 1.311 MMT of beans shipped on the week ending 9/17. That was 384.6k MT above the same week last year. China was the destination for 68% of the week’s total. MYTD soybean exports were at 3.567 MMT, outpacing last year by 1.399 MMT. The weekly Crop Progress report had 59% of soybeans dropping leaves, up from 37% LW and 9 points ahead of average. Soybean harvest was inline with estimates at 6% complete. Bean conditions were UNCH on the Brugler500 index @ 362. HIS Markit estimates 2021 bean planted area will increase 3.3m acres.

Nov 20 Soybeans closed at $10.22 1/2, down 21 cents,

Jan 21 Soybeans closed at $10.27 1/2, down 19 3/4 cents,

Mar 21 Soybeans closed at $10.21, down 17 cents,

May 21 Soybeans closed at $10.17, down 13 1/2 cents,

Oct 20 Soybean Meal closed at $333.40, down $4.00

Oct 20 Soybean Oil closed at $34.27, down $0.96

--- provided by Brugler Marketing & Management

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