Beans Get Back to $13 in Overnight Trade

Soybeans are a nickel off their overnight highs this morning, but the 4 cent gain has Nov back to the $13 mark. Soybean futures settled 1 ½ to 3 ¾ cents higher on Monday, but well off of their lows. Nov saw $13 at the high for the day, but ended below the round number mark. Preliminary open interest showed light net new buying, up 2,046 contracts. Soymeal futures closed up by $3.80 to $4 on the day. Soybean Oil futures closed triple digits weaker with 3% losses.

The weekly Crop Progress update from NASS showed 73% of soybeans were dropping leaves, up from 54% last week and 11% points ahead of average. National harvest advanced 7% points through the week to 12% finished as of 9/24. That remains 1 ppt ahead of average. Condition ratings saw 2% points shift from good to fair for a 2 point drop on the Brugler500 Index at 334. That is the lowest score of the season. IL conditions improved drastically for the week, NC, ND, and MO also improved while most of the other states fell by less than 10 points wk/wk on the Brugler500. 

USDA reported the week’s soybean shipment was 481.6k MT (17.7 mbu). That was up from 430k MT last week and was 65% above the same week last year. China was the top destination for the week. The report showed 1.285 MMT (47.2 mbu) have been shipped MYTD through 9/21. 

Nov 23 Soybeans  closed at $12.97 3/4, up 1 1/2 cents, currently up 4 1/2 cents

Nearby Cash was $12.33 1/1, up 3/4 cent,

Jan 24 Soybeans  closed at $13.15 1/2, up 2 cents, currently up 4 1/2 cents

Mar 24 Soybeans  closed at $13.27, up 2 1/4 cents, currently up 4 1/4 cents

On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here.