Soybean futures posted 22 to 24 cent gains on Monday. They got a fair share of bullish news from a slow harvest, large September NOPA crush and exports picking up. Nearby soy meal was up $10.10/ton, with soy oil 37 points higher. Soybean export inspections in the week that ended on 10/11 were 1.158 MMT. That was more than double the previous week but down 35.18% from the same week in 2017. There were 2 separate cargos totaling 134,729 MT that were headed to China. This morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That exceeded expectations and was 17.86% larger than last year. Soy oil stocks were shown at 1.531 billion pounds at the end of September, below estimates and 5.68% lower than August. As the trade had thought, soybean harvest was slowed over the past week. USDA reported it 38% complete, with the normal pace at 53% for this date. Condition ratings for soybeans were 2% lower at 66% gd/ex and down 4 on the Brugler500 at 370. Some WCB states showed significant declines, such as MO and IA.
Nov 18 Soybeans closed at $8.91 1/2, up 24 cents,
Jan 19 Soybeans closed at $9.05 3/4, up 24 cents,
Mar 19 Soybeans closed at $9.18, up 23 1/2 cents,
Jul 19 Soybeans closed at $9.41 1/2, up 22 1/4 cents,
Dec 18 Soybean Meal closed at $327.00, up $10.10,
Dec 18 Soybean Oil closed at $29.76, up $0.37
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