Soybean futures posted losses of 10 to 11 cents in most contracts on Wednesday. Nearby soy meal was down $1.50/ton and soy oil 32 points lower. NASS showed most of the harvest progress was made in the ECB last week, as IA, MN, and the Dakotas are now lagging their average pace. As elevator supplies are large, the lag in overall progress is not seen as significant. State by state condition ratings show IA dropping 11 points and NE down 5, with IL up 8 and MN 1 point higher. Analysts expect 18/19 world soybean stocks to be reported at 109.9 MMT by the USDA on Thursday, 1.64 MMT larger than the September total. An auction of Chinese state reserves saw 101,057 MT of soybeans sold on Wednesday, accounting for 100% of what was offered.
NOV 18 Soybeans closed at $8.52 1/4, down 10 3/4 cents,
JAN 19 Soybeans closed at $8.66, down 10 3/4 cents,
MAR 19 Soybeans closed at $8.78 3/4, down 10 1/2 cents,
MAY 19 Soybeans closed at $8.92, down 10 1/2 cents,
OCT 18 Soybean Meal closed at $312.00, down $1.50,
OCT 18 Soybean Oil closed at $28.65, down $0.32
--provided by Brugler Marketing & Management (402) 289-2330