Beans Close in Red

At the closing bell for the Wednesday session, front month soybean futures were 15 1/4 to 25 cents weaker. Nov and Jan were down the most, shrinking the Nov/Jan inverse from 5 3/4 cents to 2 1/2 cents. Soymeal futures closed $6.80 to $7.80/ton lower. Soybean oil futures were 59 to 69 points weaker to round out the complex. Ahead of the Export Sales report, traders are expecting 1-2 MMT of soybean sales for the week ending 10/22. Soymeal sales are anticipated between 100-450k MT. BO bookings are expected to be between 5-40k MT. Official EU import data shows 4.47 MMT of beans were brought into the trade bloc (plus Britain) from July 1 to October 25. That is a 4% increase from last year’s import pace. Indonesia’s Trade Ministry extended the 3% palm oil export tax through November of 2020 in an anticipated announcement.

Nov 20 Soybeans closed at $10.57 1/4, down 25 cents,

Jan 21 Soybeans closed at $10.54 3/4, down 21 3/4 cents,

Mar 21 Soybeans closed at $10.41 3/4, down 19 cents,

May 21 Soybeans closed at $10.36 1/2, down 17 1/2 cents,

Dec 20 Soybean Meal closed at $376.70, down $7.30

Dec 20 Soybean Oil closed at $33.42, down $0.69

--- provided by Brugler Marketing & Management




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