Soybeans futures are 8 to 13 cents lower following overnight profit taking selling. They posted a double digit rally on Monday, with front months 11 to 12 1/2 cents higher. Jan beans hit $12 on Sunday night but backed off in the day session. Ongoing dryness in Brazil during early vegetative growth is the concern. Product values are also driving the market, with competitor canola futures sitting the highest since 2013. Soybean meal was $0.60/ton higher on the day. Bean oil retreated from earlier gains, down 9 points on Monday after hitting a more than 6-year high last week on the front month continuation chart. They have also been getting some help from an 8-year high in Malaysian palm oil. The USDA Export Inspections report showed another solid week for shipments @ 2.01 MMT. That was a 7-week low and down 18.52% from last week’s number (revised higher). It was 2.95% larger than the same week last year, which was the MY high. The 24.42 MMT (897.21 mbu) shipped MYTD is the largest on record for this week. AgRural estimates the 20/21 Brazilian soybean crop to be 81% planted vs 79% at the same time last year.
--- provided by Brugler Marketing & Management
