Soybeans Post Losses on Monday, as NASS Reported Another Drop in Conditions

Soybeans are trading with 4 to 5 cent losses across most contracts on Tuesday morning. Futures closed out the Monday session holding onto the losses, as contracts were down 13 to 14 ½ cents. Preliminary open interest was up 5,300 contracts on Monday. The cmdtyView national average Cash Bean price was down 14 1/2 cents at $9.35 3/4. Soymeal futures were down 70 cents to $4 across the board on Monday, with Soy Oil futures down 45 to 93 at the close.

Crop Progress data showed a total of 61% of the US soybean crop with leaves dropping, 1 percentage point ahead normal. Harvest on par with the average pace at 9% complete. Condition ratings continue to decline, down 2% to 61% gd/ex. The Brugler500 index (using all 5 USDA categories) was down 4 points to 358 and now 4 points below the same week last year.

Export Inspections data showed 484,116 MT (17.79 mbu) of soybeans shipped in the week that ended on September 18, which was a drop of 41.1% from the week prior and 2.9% below the same week last year. Egypt was the top destination of 141,244 MT, with 71,942 MT to Indonesia and 67,129 MT to the United Kingdom. Marketing year shipments have totaled 1.57 MMT in the 2 and a half weeks (57.68 mbu), 25.9% larger yr/yr.

Overnight, Pakistan importers purchased 180,000 MT of soybeans, with US origin expected. On Monday, Argentina suspended their export tax on soybeans, soybean meal and oil through the end of October.

Nov 25 Soybeans  closed at $10.11, down 14 1/2 cents, currently down 4 ½ cents

Nearby Cash  was $9.35 3/4, down 14 1/2 cents,

Jan 26 Soybeans  closed at $10.30 1/2, down 14 1/4 cents, currently down 4 ½ cents

Mar 26 Soybeans  closed at $10.47, down 13 3/4 cents, currently down 4 ½ 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. This article was originally published on Barchart.com