Soybean futures are experiencing slight losses of 1 to 2 cents on Tuesday, following a Monday session where contracts rose by 2½ to 11 cents. Preliminary data indicates a net new buying across most contracts, with open interest increasing by 13,560, while the November contract saw a decrease of 23,780. The national front-month cash bean price rose by 11¼ cents to $9.24½.
As of October 20, the U.S. soybean harvest is 81% complete, significantly outpacing the 67% average over the past five years. Export inspections data for the week ending October 17 showed shipments of 2.43 million metric tons (MMT) of soybeans, a 7.4% decline year-over-year but a 27.6% increase from the previous week. Notably, 1.687 MMT were destined for China, along with additional shipments to Mexico and Egypt.
In Brazil, the soybean planting progress stands at 18% as of last Thursday, compared to 30% at the same time last year.
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