Soy Futures Mostly Lower

Bean oil futures are in the green at Midday, the rest of the soy complex is trading lower. Soybean futures are down 0.17% to 0.49% at midday. Meal futures are giving back $6.10 to $6.80/ton at midday. Bean oil futures are up 2.13% to 2.27% so far. Chinese markets are still closed for Golden Week. USDA’s weekly Export Inspections report showed 61.25 million bushels of beans shipped on the week ending October 1. That was up 13.6 mbu wk/wk and 22.6 mbu yr/yr. China was the main destination with 1.223 MMT – 73% of the total! Accumulated soybean exports through October 1 were reported at 242.5 mbu, up 57% from 2019/20’s pace. Brazil reported Sept bean shipments at 4.47 MMT, which was down from 4.6 MMT in Sept ’19. Trade ideas for US soybean harvest progress are running 30-33%. We would not be surprised if it was higher. Mato Grasso Soy planting is 1.7% complete, the 5-yr average is 9.59%. Prolonged dryness was cited as the cause in planting delays.

Nov 20 Soybeans are at $10.16 3/4, down 4 cents,

Jan 21 Soybeans are at $10.20 3/4, down 4 cents,

Mar 21 Soybeans are at $10.15 3/4, down 3 cents,

May 21 Soybeans are at $10.15 1/2, down 1 1/2 cents,

Oct 20 Soybean Meal is at $342.80, down $6.60

Oct 20 Soybean Oil is at $32.62, up $0.68

--- provided by Brugler Marketing & Management

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