Soybean futures rallied back from midday lows and ended mostly higher. March ’21 contracts closed 1/2 cent in the red, where the other nearbys were fractionally to a penny higher. Meal futures closed the day $5.30 to $5.90 lower. BO closed the session 2.7% to 2.84% higher. 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. The weekly Crop Progress report from NASS saw soybean harvest 38% complete as of October 4. That is 10% points ahead of average and up 18% points from last week. Trade ideas had been mostly around 34%. Condition ratings remained 64% good/ex, but increased 1 point to 365 on the Brugler500 index. Mato Grosso soy planting is 1.7% complete according to IMEA; the 5-yr average pace is 9.59%. Prolonged dryness was cited as the cause for planting delays, with producers concerned about germination.

--- provided by Brugler Marketing & Management