Soybeans are trading with contracts13 to 14 cents in the red across the front months. The cmdtyView national average Cash Bean price is down 14 cents at $9.35 1/4. Soymeal futures are trading with futures down $4 to $4.20 at midday. Soy Oil futures are down 85 to 90 points so far on Monday.
Trade is likely still sifting through the lack of Chinese buying and progress towards a trade deal following last Friday’s Trump/Xi phone call.
Export Inspections data showed 484,116 MT (17.79 mbu) of soybeans shipped in the week that ended on September 18, which was a drop of 41.1% from the week prior and 2.9% below the same week last year. Egypt was the top destination of 141,244 MT, with 71,942 MT to Indonesia and 67,129 MT to the United Kingdom. Marketing year shipments have totaled 1.57 MMT in the 2 and a half weeks (57.68 mbu), 25.9% larger yr/yr.
Weekly CFTC data indicated managed money flipping back to a net long of 2,287 contracts as of September 16th. That was a move of 17,001 contracts to the long side during the course of that week. Commercials increased their net short position by 16,603 contracts to 119,674 contracts.
AgRural estimates the Brazilian soybean crop at 09% planted as of last Thursday.
Nov 25 Soybeans are at $10.11 1/2, down 14 cents,
Nearby Cash is at $9.35 1/4, down 14 cents,
Jan 26 Soybeans are at $10.31, down 13 3/4 cents,
Mar 26 Soybeans are at $10.47 1/2, down 13 1/4 cents,
