Soybean Futures Fell despite Good Export Inspections

Bean futures dropped after Monday’s round of trades. Nearby contracts finished 6 3/4 to 8 cents lower on the day. Soybean meal ended on Monday $5.90/ton lower, while soybean oil posted a 21 point gain on the day. Bean harvest was in line with trader expectations, listed at 91% complete in USDA’s weekly Crop Progress report from the afternoon. Harvest progressed 6% over the previous week, a slowdown as last week had progressed 10% wk/wk. USDA’s updated weekly export inspections showed that soybeans exports are still ahead of last year’s pace. Export inspections for the week ending 11/14 were 1.532 MMT (56.29 mbu), compared to last year’s 1.110 MMT for the same week. China was the main destination on the week with the PRC receiving 942,299 MT (61.15%). The accumulated soybean exports as of 11/14 were updated to 12.436 MMT (456.945 mbu), 12.14% ahead of last year’s pace. Brazilian bean planting has been updated by AgRural to be 67% complete as compared to the 70% average rate. This time last year the country was 82% planted.

JAN 19 Soybeans closed at $9.10 1/4, down 8 cents,

MAR 19 Soybeans closed at $9.23, down 7 3/4 cents,

MAY 20 Soybeans closed at $9.35, down 7 1/4 cents,

JUL 20 Soybeans closed at $9.45 3/4, down 6 3/4 cents,

DEC 19 Soybean Meal closed at $301.20, down $5.90,

DEC 19 Soybean Oil closed at $30.64, up $0.21

--- provided by Brugler Marketing & Management

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