Soybean futures are currently 7 cents lower on Turnaround Tuesday profit taking after jumping 22 to 24 cents higher on Monday. They got bullish news from a slow harvest, large September NOPA crush and exports picking up. Surprisingly, preliminary open interest rose only 2,422 contracts despite the large price move. 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. Monday morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That was 17.86% larger than last year. September soy oil stocks were 1.531 billion pounds and 5.68% lower than August. USDA reported harvest 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.
--provided by Brugler Marketing & Management (402) 289-2330