Soybeans start off Tuesday with overnight gains of 3 to 3 1/2 cents per bushel. Soybean futures were down by as much as 6 1/4 cents on Monday. Soybean meal was $0.40/ton higher, and bean oil was down by 48 points. The CAIR Grain Crushing monthly report showed that October bean usage 187.165 mbu. That was the highest oilseed crush for a single month going back to May of 2015. Crude bean oil on hand was up 71.360 million lbs. from September. The USDA’s weekly update showed soybean harvest had progressed 2 percentage points wk/wk to 96% completed. The USDA’s weekly export inspections totaled 1.548 MMT of beans shipped. Last week was 1.952 MMT, and the same week last year saw 1.046 MMT shipped. China was the destination for 1.090 MMT (70.46%). The accumulated shipments were updated to 15.942 MMT vs. 13.258 MMT at this point last year. The Commitment of Traders report on Monday revealed that managed money spec funds had flipped positions and were net short 42,941 soybean futures and options contracts as of 11/26. That was the first Tuesday in which managed money had been net short since Oct. 1st.
--- provided by Brugler Marketing & Management