Soybean futures are trading 4 to 5 cents in the red at midday, ahead of Nov’s expiration today. December meal is down $1/ton, with nearby bean oil 20 points lower. Ahead of Wednesday’s NOPA crush report, analysts are expecting October’s crush to average 164.475 mbu among its members. That would be well above September but slightly off of the previous year. The soy oil stocks number at the end of October is seen at 1.41 billion pounds, nearly 8.29% larger than the previous month. The USDA reported most states in the Midwest now on pace with the average for soybean harvest, with states in the ECB still slightly lagging the average. Harvest is just about done. As the focus is starting to switch to South America, rain is expected in parts of Brazil this week, after a dry spell hit the country in the early fall months.
Nov 17 Soybeans are at $9.58 1/2, down 5 cents,
Jan 18 Soybeans are at $9.69 3/4, down 4 1/2 cents,
Mar 18 Soybeans are at $9.80 3/4, down 4 3/4 cents,
May 18 Soybeans are at $9.90 1/4, down 4 1/2 cents,
Dec 17 Soybean Meal is at $310.30, down $1.00
Dec 17 Soybean Oil is at $34.13, down $0.20