Soybeans are fading back lower on Thursday with contracts down 4 to 7 cents in the front months. The cmdtyView national average Cash Bean price is 6 1/4 cents lower at $9.46 1/4. Soymeal futures are down 90 cents to $1 in the front months. There were another 61 deliveries against October meal overnight. Soy Oil is down 40 to 50 points on the day amid pressure from crude oil. The CBOT reported 11 deliveries for October bean oil overnight. November soybeans have averaged $10.21 so far through the 6 trade sessions in October, with the full month’s average used in the harvest price discovery for crop insurance.
Harvest should continue to progress across most of the country, with parts of the Dakotas and MN expected to see 1 to 2 inches in the early part of next week.
