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Soybean futures showed mixed results on October 2, with contracts closing steady to 2 cents lower, but currently trading with gains of 2 to 3 ¼ cents. Preliminary open interest reported a decrease of 264 contracts, while soymeal futures closed down between $1.30 and $2.30. Soy Oil futures were up by 21 to 36 points.
The Export Inspections report indicated that 768,117 metric tons (28.22 million bushels) of soybeans were shipped during the week of October 2, marking a 25.8% increase from the previous week, yet down 52.8% from the same week last year. Mexico was the largest buyer, importing 217,599 tons, followed by Egypt and Pakistan. The marketing year total for soybean shipments now stands at 3.03 million metric tons (111.37 million bushels), which is 14.8% lower than last year.
Additionally, Brazil reported soybean exports of 7.34 million metric tons in September, a decrease of 21.39% from August but up 20.15% year-over-year. As of October 5, the US soybean harvest was estimated to be 39% complete, with crop conditions expected to decline to 61% good/excellent.
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