Soybeans closed out the Monday session with contracts steady to 2 cents lower. Soymeal futures were back to lower trade at the close, down $1.30 to $2.30. Soy Oil futures were up 21 to 36 points across the board on the day.
This morning’s Export Inspections report showed a total of 768,117 MT (28.22 mbu) of soybeans shipped in the week of 10/2. That was 25.8% above the week prior but a drop of 52.8% from the same week last year. Mexico was the largest buyer of 217,5995 MT, with 181,571 MT shipped to Egypt and 115,038 MT to Pakistan. The marketing year total is now at 3.03 MMT (111.37 mbu) of soybeans shipped, which is now 14.8% below the same period last year. The lack of China purchases is starting to play a role in the seasonal spike in shipments.
No US harvest update from NASS was given this afternoon due to the government shutdown. Traders do see harvest near 39% complete by 10/5, with conditions expected to decline 1% to 61% gd/ex.
Soybean planting in Brazil was 9% planted as of Thursday according to AgRural, ahead of the 4% planting pace from the same week last year. Brazil’s trade ministry showed the soybean export total during September at 7.34 MMT, which was a 21.39% drop from August but still 20.15% above the same period last year.
Nov 25 Soybeans closed at $10.17 3/4, down 1/4 cent
Jan 26 Soybeans closed at $10.35 3/4, down 1 1/4 cents
Mar 26 Soybeans closed at $10.51, down 1 1/4 cents
