Afternoon Soybeans: Global veg oil prices surged higher.
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><div style=\"line-height: 1;\"><span style=\"font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\">The soybean market posted consecutive higher closes for the first time in nearly a month as the bear has relaxed its grip for a moment allowing prices to stabilize. November beans settled nearly 11 cents higher and the Nov-Jan bull spread finished unchanged after pushing into a new high for the move. Many of the familiar inputs helped the beans follow through on yesterday’s cautious gains. The firming spreads, abating harvest pressure, and solid demand are helping to underpin the trade while heavy supply side realities and improved Southern Hemisphere planting conditions continue to weigh on big picture sentiment. Bean harvest pushed beyond the 80% marker and there is nothing in the US weather forecast that would meaningfully disrupt a rapid completion of what may be a record bean crop cycle. Brazil and Argentina are still slated to receive well-timed rainfall over the next two weeks maintaining a good outlook for summer crop planting and establishment.<br> <br>In the product trade, soybean oil was the feature trade with a 3% rally that gives the chart some momentum to potentially challenge recent highs. Meal was mildly weaker on the other side of the oil share spreading. Flat price bean oil had outside support from the global veg oil trade and strength in the energy markets. <br> <br>Elsewhere in the news, The crop progress report showed soybean harvest moved up 14% to 81% complete, which was right in line with trade expectations. Every state is ahead of its avg pace for this time of year. This compares to 72% this time last year and the five-year avg of 67%. <br> <br>Cordonnier left his Brazilian production estimates unchanged at 165 mmt for beans and 125 mmt for corn compared to the USDA at 169 mmt and 127 mmt respectively.<br> <br>The Rosario Grain Exchange forecasts Argentina’s soybean crush for 24/25 at 42.4 mmt, up 37% from the prior year and compares to the USDA forecast of 40.0 mmt.<br> <br>Weekly bean inspections were 89 mb up from 70 mb last week. Bean inspections total 290 mb compared to 299 mb at this time last year. Weekly bean inspections need to average about 35 mb to reach the USDA’s target of 1.850 bb. China bean loadings remain red hot, they loaded out 13 cargoes of beans from the Gulf and another 17 cargoes off the PNW this week.<br> <br>Indonesia's palm oil industry group, GAPKI, on Tuesday pegged the country's August 2024 palm oil exports at 2.38 mln mt, that's up +15% over the year ago month.<br> <br>Indonesia's palm oil industry group, GAPKI, on Tuesday pegged the country's end of August 2024 palm oil stockpiles at 2.45 mln mt, that's off from July's 2.51 mln mt. The August figure is the lowest stocks level since March 2019.<br> <br>The Indonesian agriculture minister again said the government is committed to implementing mandatory 40% biodiesel blending in January 2025, and eventually working towards a 50% blend rate in the future.<br> <br>As of October 20, accumulated 24/25 MY EU Soybean imports totaled 3.73 mln mt (last report 3.52 mln mt), that compares to the year earlier week's 3.49 mln mt. 24/25 MY EU Rapeseed imports totaled 1.69 mln mt (last report 1.57 mln mt), that compares to the year earlier week's 1.55 mln mt. 24/25 MY EU Soymeal imports totaled 5.36 mln mt (last report 4.91 mln mt), that compares to the year earlier week's 4.91 mln mt.<br> <br>Soybean Basis: <br>Location Spot <br>US Gulf up 5 to +117 <br>Cedar Rapids, IA steady -25x <br>Mankato, MN steady +15x <br>Decatur, IL up 5 to -5x <br>Decatur, IN steady -25x <br>Columbus, OH steady -40x </span></div></div>