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




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.