Soybean Market News and Commentary

Soy markets are 8 to 10 cents per bushel higher this morning after a comeback rally on Monday. 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. Bean oil was up sharply again overnight. USDA’s weekly Export Inspections report showed 61.25 million bushels of beans shipped on the week ending October 1. China took 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 85% of new crop beans dropping leaves, compared to the 5-yr average of 82%. Soybean harvest was 38% complete as of 10/4. That is 10% points ahead of average and up 18% points from last week. The WCB states were all above 50% done, with IA @ 55%, MN @ 61%, ND @ 60%, NE at 66% and SD was 60%. The 5-yr averages for those states are between 20-38%. Condition ratings increased 1 point to 365 on the Brugler500 index. The trade average yield guess in a Bloomberg survey is 51.7 bpa vs. the September USDA estimate of 51.9. The median guess is 51.5, so we’re probably trading a lower number than the average guess.

--- provided by Brugler Marketing & Management

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