Soybean prices closed 3 ½ cents lower on Monday after spending most of the session in positive territory. Rumors of China buying 4 cargoes of soybeans over the weekend were never confirmed yesterday and it appeared as if this had a negative impact. Oil closed 27 lower after posting mid session lows of 43 lower despite announcements of the US exporting 35,000 mt to unknown. Meal collapsed late in the day. Volume was one of the lowest in the last 2 years. Soybeans traded 75,807, Meal 47,985 and Oil 70,278. Funds were estimated to be net sellers of 2,500 Soybeans, 1,500 Meal and 3,500 Oil.
Opening call Lower. Overnight prices are trading lower due to the weekly crop conditions report. Bean conditions were unch at 64 pct G&E. Ill and S Dak off 3 with Ark, Ind, Mich, Miss, and Tenn off 1. Iowa, Minn, La, S Dak, and N Car improved. Beans are dropping leaves on 8 pct of the crop vs 1 normal. This will proceed quickly into next week. Isolated reports of harvest in the north while the gulf coast stated are moving quickly. Hot dry weather which has been parked over much of the Midwest has failed to decline the soybean crop according to the latest data. This is the second consecutive week in a row that the weekly crop conditions remained unchanged. Oil World said today "We expect soybean prices to trend lower in the coming months and widen the discounts to rapeseed and sunseed," The global 2010/11 soybean crop is likely to reach 257.27 million mt., above estimated season consumption of 253.8 million mt. This compares to 2009/10 output of 260.7 million mt. and consumption of 237.3 million mt., it said. Look to trade the market from the short side today by selling November soybeans at 1015 or better and risk a close over 1020.
Opening Call: Soybeans 7 to 9 cents lower, Oil .30 to .40 lower and Meal $2.00 to $2.50 lower.
Top News -- In tenders announced yesterday for 23,000 mt of Corn and 12,000 mt of Soybeans by Taiwan Sugar Corp, traders say the company cited "high prices" today for their passing up those tenders today, acc. to Dow -- German based vegoil analyst sees worldwide 2010/11 Soybean output at 257.3 mln mt that will outweigh consumption in 10/11 by 3.5 mln mt -- German based vegoil analyst sees Indonesian palm oil output up by 5% in 2010, while Malaysian palm oil output is seen rising by 1% in 2010. -- Aussie weather bureau says data continues to suggest La Nina conditions will persist until the end of 2010 -- Russian weather bureau gives mixed sowing outlook, says some hardest hit drought areas with recent favorable rains could see planting, but other regions aren't as certain and decisions would need to be taken by regional ag officials. -- Russia's Ag Ministry announced total gross Grain crop at 43.0 mln mt as of Aug 31 that compares to the year ago period when 65.2 mln mt were harvested -- SEPTEMBER 2010 SOYBEAN FUTURES 8/30/10 : 0 contracts -- SEPTEMBER 2010 SOYBEAN OIL FUTURES 8/30/10 : 3,520 contracts -- SEPTEMBER 2010 SOYBEAN MEAL FUTURES 8/30/10 : 0 contracts -- Monday's USDA Soybeans: 96% setting pods vs 92% yr ago and 95% 5 yr average. -- Monday's USDA Soybeans: 8% dropping leaves vs 3% yr ago and 7% 5 yr average. -- Monday's USDA Soybean Conditions: vp-poor 12%, fair 24%, good-exc 64% - last week vp-poor 13%, fair 23%, good-exc 64%. -- Monday's USDA Weekly Soybean Inspections: 7.174 mln bu; expected 12.5 mln bu -- Pending Tender: Merchandisers report that BSPA of Taiwan is seeking 40,000 to 60,000 mt of US or Latam Soybeans for shipment in FH November -- Dalian May soybean futures were down -58 @ 4,004 yuan/mt., as May soymeal was down -44 @ 2,982 yuan/mt. -- Dalian May Palm oil futures were down -138 @ 7,186 yuan/mt., as May Soyoil was down -128 2 8,012 yuan/mt. -- Liffe Nov. Rapeseed futures were -1.25 down @ 374.50 euros/mt. -- Globex Soybean Vol. 70,883; Pit Vol. 2,955; Open Interest Change: - 2,313 -- Outside markets: Energy Complex -0.98 at $73.72; Gold & Silver: +0.2 at $1239.4 & +0.036 at $19.110; US $ -0.096 at $83.130
Cash Markets Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt Aug +55/60 X +38/42 U +60/?? U +??/?? U 525 Sep +55/60 X +52/54 U +60/?? U +45/55 U 575 Oc +65/70 X +48/50 Z +60/80 Z +70/90 Z 630
Truck Beans Corn Wheat Meal Hi-pro Oil
Chicago -20 X +3 U -55 U
Toledo +10 X -18 U -80 U
Dec ILL +35 X -15 U +17 U -325 U