Nov Soybeans closed 1 cent lower ($10.50), March 9 ½ cents lower ($10.23) & July 6 ¾ cents lower ($10.18 ½)
October Soybean Meal closed $1.8 lower ($359.2), Dec $2.2 lower ($359.6) & March $4.8 lower ($344.9)
October Soybean Oil closed 7 pts lower ($33.24), Dec 3 pts lower ($33.00) & March 1 pt lower ($32.98)
USDA Announces Soybean Export Sales – 374.0 K T. sold to China; 152.4 K T. sold to Mexico & 132.0 K T. sold to Unknown
Weekly Soybean Export Sales – 2.590 M T. old crop vs. 1.500-2.500 M T. expected – no new crop vs. none expected
Weekly Soybean Meal Export Sales – 271.7 K T. old crop vs. 150-500 K T. expected – no new crop vs. none expected
Weekly Soybean Oil Export Sales – 4.6 K T. old crop vs. 0-30 K T. expected – no new crop vs. none expected
Despite seeing excellent weekly export sales and quite strong announced daily sales we finally see a round of profit taking prompted by respect to tomorrow’s USDA report. One thing that did remain constant was the upfront bull spreading due to our front end loaded export program. Brazil did announce the potential for a big crop this year (133.0 M T.) but its not in the ground yet to the continuing dry spell. Forecasters suggest better moisture by the 3rd week of October.
Now we sit and wait to see what the USDA gives tomorrow at 11:00 AM central time.
Trade expectations are as follows vs. last month – yield 51.6 bpa vs. 51.9, harvested acres 82.922 million vs. 83.020, production 4.282 billion bu. vs. 4.312 & carryout 369 million bu. vs. 460. World carryout 91.36 M T. vs. 93.59
Daily Support & Resistance – 10/09
Nov Beans: $10.25 – $10.75 (?)
Dec Bean Meal: $345.0 – $375.0 (?)
Dec Bean Oil: $32.00 – $34.00
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of eclipse the high side of expectations.