Soybeans Falling Back on Monday

Soybeans are showing 5 to 6 cent losses so far on Monday. The cmdtyView national average Cash Bean price is down 8 cents at $12.26. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 15 to 55 points.

The harvest price for Crop Insurance is discovered during October, with the average November soybean close so far at $12.88.

The harvest window is open for another couple days, though some rains are expected by Thursday in parts of the Southern Plains through MO, southern IA, IL, IN and OH, with other parts of the Corn Belt getting lighter totals.

The government will be closed for today due to the Columbus Day holiday, with the Export Inspections and Crop Progress reports pushed to Tuesday. 

The monthly Crop Production report from NASS showed US yield at 53.1 bpa, up 0.3 bpa from the previous estimate. That took the production estimate 27 mbu higher to 4.562 bbu.  US soybean ending stocks were up 5 mbu to 315 mbu, against trade ideas looking for a cut, as the increased supply was the issue. Exports were up 10 mbu. 

Commitment of Traders data indicated spec funds adding 10,496 contracts to their net long position for soybean futures and options in the week ending on October 6. That took their net long to 251,660 contracts by Tuesday. 

Nov 26 Soybeans  are at $12.86 1/2, down 5 1/2 cents,

Nearby Cash  is at $12.26, down 8 cents,

Jan 27 Soybeans  are at $13.03 1/2, down 5 1/4 cents,

Mar 27 Soybeans  are at $13.13 1/2, down 5 1/4 cents,