SOYBEANS: LOWER

Post 680 of 799

A bit of a pull back today across the complex is taking place. The export sales report was just OK for beans, but very disappointing for meal and disappointing for oil as well. Basis is feeling the pressure of month ending needs as Oct. shipments are rapidly approaching overdue. The harvest progress that should be made this weekend will be a bit of relief, IF the farmer starts to unload some ownership. With the latest bounce, it doesn’t appear he will have much incentive to give up hopes for better prices down the road. SA weather is still too dry in a decent chunk of Arg. Brazil is in pretty fair shape as a whole. Forecast though shows more chances for moisture, but seems to be favoring Brazil more than Arg. Spreads indicate that basis should be strong and no reason to expect that to change prior to month end. Looks like a day of mostly lower trade as we see some harvest pressure and a bit of evening and profit taking after a dull export report.

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