Soybean futures are currently 1 to 2 cents higher after posting losses of 9 to 13 3/4 cents on Monday. Preliminary open interest rose 3,582 contracts, with most of those in the May 2018 futures. December meal was down $3.20/ton, with nearby bean oil 48 points lower. The USDA reported that the US soybean harvest was 93% done as of 11/12, with the average pace @ 95%. Monday morning’s USDA Export Inspections report showed 2.087 MMT in soybean exports for the week ending 11/9. That is a drop of 16.27% from last week and still lags last year by 29.12%. Soybean export commitments are now 51% of the full year USDA export estimate vs. the average of 67% for this date and last year’s 64%. The Brazilian record crop overhang has diminished, but it still a market factor.

Market Commentary provided by:

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