Soybeans are trading with 2 to 3 ¼ cent gains so far. Futures closed out the Monday session with contracts steady to 2 cents lower. Preliminary open interest showed a rotation of ownership, down just 264 contracts. Soymeal futures were back on lower trade at the close, down $1.30 to $2.30. Soy Oil futures were up 21 to 36 points across the board on the day. There were 186 October meal deliveries overnight, with 4 issued for October bean oil.

Monday morning’s Export Inspections report showed a total of 768,117 MT (28.22 mbu) of soybeans shipped in the week of 10/2. That was 25.8% above the week prior but a drop of 52.8% from the same week last year. Mexico was the largest buyer of 217,5995 MT, with 181,571 MT shipped to Egypt and 115,038 MT to Pakistan. The marketing year total is now at 3.03 MMT (111.37 mbu) of soybeans shipped, which is now 14.8% below the same period last year. The lack of China purchases is starting to play a role in the seasonal spike in shipments. 

No US harvest update from NASS was given this afternoon due to the government shutdown. Traders do see harvest near 39% complete by 10/5, with conditions expected to decline 1% to 61% gd/ex.

Brazil’s trade ministry showed the soybean export total during September at 7.34 MMT, which was a 21.39% drop from August but still 20.15% above the same period last year. 

Nov 25 Soybeans  closed at $10.17 3/4, down 1/4 cent, currently up 3 1/4 cents

Jan 26 Soybeans  closed at $10.35 3/4, down 1 1/4 cents, currently up 2 1/2 cents

Mar 26 Soybeans  closed at $10.51, down 1 1/4 cents, currently up 2 1/4 cents