Soybeans pulled off the early lows on Tuesday, to close with contracts down 10 to 13 cents across most months. There were another 204 deliveries issued on overnight, taking the total to 1,088 for the month. The cmdtyView national average Cash Bean price was 9 3/4 cents lower at $10.46 1/2. Soymeal futures were down $3.80 to $4.50 to close out the day, with Soy Oil futures 18 to 31 points lower on Tuesday.
Brazilian FOB offers have slipped lower to become more competitive as the US market has rallied, causing some interest from Chinese buyers. With the government shutdown and export sales data not reported, the market is trying to gauge how much US business China has taken. Basis movement in the North and PNW would suggest buyers have been somewhat active.
Bangladesh agreed to raise their purchase of US soybeans and meal, to $1.25 billion over the next 12 months, which is nearly triple their purchases last year.
S&P Global estimates the US soybean yield is estimated at 53 bpa steady with last month. Production was tallied at 4.26 bbu. USDA will be out with their data next Friday the 14th according to a release last week.
EU soybean imports are estimated at 3.81 MMT since July 1 to November 2 according to the European Commission, down 0.78 MMT from the same period last year.
Nov 25 Soybeans closed at $11.08 1/4, down 11 1/2 cents,
Nearby Cash was $10.46 1/2, down 9 3/4 cents,
Jan 26 Soybeans closed at $11.21 1/2, down 12 3/4 cents,
Mar 26 Soybeans closed at $11.27 3/4, down 12 1/2 cents,
