Highlights
The USDA will issue its monthly Crop Production and Supply and Demand (S&D) Reports today at 10 AM Mountain Time. Roger expects neutral to friendly numbers. If there is a sell-off as a result of the numbers, it will be met with high volume buying because users know supplies are tight.
Yesterday morning, the USDA announced a sale of 103,400 mt of new crop soymeal to Mexico. The USDA’s average spot price for soybean meal in Illinois closed at $605.00 per short ton Tuesday, the highest closing price in six years. We know this huge dip in the bean complex prices since early June has been quite nerve-racking, but it will pay you bean growers big dividends in the coming year as it stopped a lot of livestock liquidation world-wide.
A soybean bear will tell you there were export sale cancellations of 2.5 million bushels of beans in yesterday’s Weekly Export Sales Report. A soybean bull will tell you the same report had new crop sales 17.5 million bushels. Both are true statements; make sure you get both sides of the story.