Soybean Report, 10/10/2016

Monday, October 10, 2016

Lower to start the week as yields continue to improve, astound or just plain exceed expectations. Tomorrow is report day, probably would have been today had it not been a federal holiday. Anyway, most expect the bean number to grow as should carry out stocks. Interesting trade on Friday with products gaining and beans dropping OI in pretty good volume quantity. Oil spiking in OI is interesting as we had been seeing a reduction earlier as palm oil prices were taking a beating. Meanwhile, SA weather is looking better, but far from perfect. Key element is rains are falling and more predicted, so while some dry areas remain. Forecast is for more frequent showers, but it doesn’t appear to have any real harvest stoppage of note from these over a broad area. Producer movement of beans continues to be the driving force of lower values and basis numbers. Look for lower trade early with a decent chance to sell higher values as the day progresses.

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