Soybeans Close in Black after Weekend

The soy complex was mixed on Monday with strength in meal. Beans were 0.3 to 0.41% higher on the first trading day of the week. Soymeal futures ended the session up 1.33 to 1.55%. BO futures were 42 to 46 points in the red at the closing bell. CME’s synthetic soy crush spread was $1.30 1/2 on 10/19, the highest since May 30 of 2019. USDA’s Export Inspections report showed that 2.174 MMT of soybeans were exported on the week ending 10/15. That was the 3rd consecutive +2 MMT week and was 63% above the same week last year. Prior to this year, we had not broken the 2 MMT mark since 2017. China was the top destination on the week with 1.74 MMT of shipments. MYTD bean exports are at 423.24 mbu through week 7, last year it took more than 10 weeks to breach 420 million bushels of export. NASS noted that bean harvest progressed 14% on the week to 75% complete. The 5-yr average is 58%. Bean harvest in IA was 90% complete compared to the 52% average. In NE, 92% of soybeans were cut, which is 34 percent points ahead of the average. IMEA (Brazil) estimates that 8.2% of the soybean crop in Mato Grosso has been planted vs. the 38% average for this date.

Nov 20 Soybeans closed at $10.54 1/4, up 4 1/4 cents,

Jan 21 Soybeans closed at $10.54, up 3 3/4 cents,

Mar 21 Soybeans closed at $10.42 1/4, up 4 1/2 cents,

May 21 Soybeans closed at $10.37 1/2, up 4 1/4 cents,

Dec 20 Soybean Meal closed at $373.20, up $5.70

Dec 20 Soybean Oil closed at $32.53, down $0.46

--- provided by Brugler Marketing & Management




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