Soybean International News

According to the US National Agricultural Statistics Service (NASS) Crop Progress report released on Tuesday, 46% of the US soybean crop had been harvested. This was 4 percentage points behind the normal pace. The proportion of soybeans rated good to excellent remained unchanged at 57%. The Brugler500 index stood at 350.

The Export Inspections report released on Tuesday showed that US soybean shipments totaled 1.097 million metric tons (40.29 million bushels) during the week ending October 8. This was 7.8% higher than the same week last year but 8.6% lower than the previous week. China was the largest destination, receiving 649,252 MT. Mexico received 99,756 MT, while Egypt received 79,022 MT. Total soybean shipments for the current marketing year have reached 5.144 million metric tons (189.04 million bushels), which is 26.6% higher than the same period last year.

China’s state-owned company Sinograin sold 209,904 MT of soybeans from its state reserves through an auction. This represented 40.5% of the 518,000 MT offered for sale.