Soybeans Show Weakness into the Monday Close

Soybeans closed out the Monday session with contracts steady to 2 cents lower. Soymeal futures were back to lower trade at the close, down $1.30 to $2.30. Soy Oil futures were up 21 to 36 points across the board on the day,

This morning’s Export Inspections report showed a total of 768,117 MT (28.22 mbu) of soybeans shipped in the week of 10/2. That was 25.8% above the week prior but a drop of 52.8% from the same week last year. Mexico was the largest buyer of 217,5995 MT, with 181,571 MT shipped to Egypt and 115,038 MT to Pakistan. The marketing year total is now at 3.03 MMT (111.37 mbu) of soybeans shipped, which is now 14.8% below the same period last year. The lack of China purchases is starting to play a role in the seasonal spike in shipments. Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

No US harvest update from NASS was given this afternoon due to the government shutdown. Traders do see harvest near 39% complete by 10/5, with conditions expected to decline 1% to 61% gd/ex.

Soybean planting in Brazil was 9% planted as of Thursday according to AgRural, ahead of the 4% planting pace from the same week last year.  Brazil’s trade ministry showed the soybean export total during September at 7.34 MMT, which was a 21.39% drop from August but still 20.15% above the same period last year.

Nov 25 Soybeans closed at $10.17 3/4, down 1/4 cent,

Jan 26 Soybeans closed at $10.35 3/4, down 1 1/4 cents,

Mar 26 Soybeans closed at $10.51, down 1 1/4 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.

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