Soybeans are slipping back lower on Wednesday morning by 8 to 9 cents in sell the fact reaction. They bought the rumor on Tuesday and posted 4 ¾ to 11 ¼ cent gains across the board, as contracts fell off the intraday highs. Shorts were covering again on Tuesday, with open interest down 19,701 contracts. The cmdtyView national average Cash Bean price is 11 3/4 cents higher at $10.10 1/2. Soymeal futures are up $6.20 to $8.50, with Soy Oil futures 16 to 51 points lower.
Ahead of the Trump/Xi meeting overnight into Thursday, China has been rumored to purchase at least 180,000 MT of soybeans. We won’t know the exact totals anytime soon due to the government shutdown restricting the FAS weekly Export Sales report and large daily sale announcements.
The trade is looking for soybeans to be near 84% harvested as of 10/26. The Crop Progress report was not reported due to the government shutdown.
Brazil soybean exports are seen at 7 MMT in October according to ANEC, a drop of 0.34 MMT from last week’s estimates
Nov 25 Soybeans closed at $10.78 1/4, up 11 cents, currently down 8 3/4 cents
Nearby Cash was $10.10 1/2, up 11 3/4 cents,
Jan 26 Soybeans closed at $10.95 1/4, up 10 1/4 cents, currently down 9 cents
Mar 26 Soybeans closed at $11.06 3/4, up 11 1/4 cents, currently down 9 cents
