Bean Market on Rally

Soybean futures are trading with midday gains of 14 to 28 1/2 cents. Meal futures are trading with double digit gains, up 3.07% to 3.99% so far. Soybean oil futures are 38 to 41 points higher. USDA announced a private export sale of 154,400 MT of soybeans to unknown. The national average soybean basis from cmdtyView is 53 cents under November for 10/6. The October cmdtyView yield forecast is still 50.5 bpa for 2020/21 beans. The trade average yield guess in a Bloomberg survey is 51.7 bpa vs. the September USDA estimate of 51.9. On average, analysts are looking for USDA to show soy production at 4.288 bbu. That would be down 25 mbu from Sept if realized. The weekly Crop Progress report from NASS had soybean harvest at 38% complete as of 10/4. That was 10% points ahead of average and up 18% points from last week.

Nov 20 Soybeans are at $10.50, up 28 1/2 cents,

Jan 21 Soybeans are at $10.51 3/4, up 26 3/4 cents,

Mar 21 Soybeans are at $10.41, up 22 3/4 cents,

May 21 Soybeans are at $10.35 1/2, up 17 3/4 cents,

Oct 20 Soybean Meal is at $357.30, up $13.70

Oct 20 Soybean Oil is at $33.22, up $0.41

--- provided by Brugler Marketing & Management

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