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The managed money sector chased the market lower, exasperating today's moves and extending the 4 day-down streak.
Tomorrow morning’s October NOPA soybean crush is expected to come in at 196.8 million bushels, up from 177.3 mbu in September and 189.8 mbu last October; it would be a single-month record if realized, up from 196.4 mbu in March 2024. Trade estimates range from 189.5-205.2 million bushels.
Large corn and soybean export sales totals are expected once again this week in tomorrow morning's holiday-delayed report, with corn at 1.25-2.6 MMT and soybeans at 1.0-2.2 MMT. Export flash sales continue with some regularity and the USDA announced another .18 mmt of soybeans sold to unknown destinations today.
Ethanol usage continues to climb as plants crush what is available to them despite falling margins. Margins are still above breakeven but well down from 2 months ago. The USDA is projecting total production .5% lower year-on-year. Stocks are robust but not record. Current levels are 4.9% above a year ago and the third highest for this week on record.
Funds were thought to have been all sellers today.
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