Soybean futures posted losses of 9 to 13 3/4 cents on Monday. December meal was down $3.20/ton, with nearby bean oil 48 points lower. A private export sale of 135,000 MT of 17/18 soy meal to the Philippines was announced through the USDA’s daily reporting system this morning. President Trump was in the Philippines meeting with Duterte. The USDA reported that the US soybean harvest was 93% as of 11/12, shy of the average of 95%. This morning’s USDA Export Inspections report showed 2.087 MMT in soybean exports for the week ending 11/9. That is a drop of 16.27% from last week and still lags last year by 29.12%. Soybean export commitments are now 51% of the full year USDA export estimate vs. the average of 67% and last year’s 64%. The Brazilian record crop overhang has diminished, but it still a market factor.

Nov 17 Soybeans closed at $9.63 1/2, down 13 3/4 cents,

Jan 18 Soybeans closed at $9.74 1/4, down 12 3/4 cents,

Mar 18 Soybeans closed at $9.85 1/2, down 12 1/2 cents,

Jul 18 Soybeans closed at $10.03 1/2, down 12 cents,

Dec 17 Soybean Meal closed at $311.30, down $3.20,

Dec 17 Soybean Oil closed at $34.33, down $0.48

Market Commentary provided by:

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