Soybeans Market Commentary

Soybean futures are trading 4 to 5 cents lower this morning. They settled Wednesday with the front months higher for a fourth consecutive day, up 1 to 1 3/4 cents. Nearby soy meal was down 80 cents/ton, with soy oil 7 point lower. We will have USDA Export Sales data on Friday morning this week due to the federal shutdown on Wednesday. The average trade estimate for US 18/19 soybean ending stocks in next week’s WASDE report calls for a 10 mbu reduction to 945 mbu according to a Reuters survey. DTN’s cash soybean index showed an average national price of $8.23 3/4 on Tuesday evening. That was 98 cents lower than last year for this time, with the national basis 15 1/2 cents weaker at -$0.88 but improving.

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