Nov-21 soybean futures came under extreme pressure after Thursday’s Grain Stocks report, settling the week at $12.4650 per bushel, down 41 cents per pound from Monday.
Soybean meal futures also took a hit as the Dec-21 contract closed last week lower by over $13 per ton at $326.90 per ST.
S&D and fundamental factors
USDA provided a surprise in the Grain Stocks report after revising 2020/21 production higher by roughly 81 million bushels. Without any additional changes to the currently projected 2021/22 balance sheet, ending stocks now sit at around 256 million bushels.
Weather, macro indicators, and news
Nearby crude oil futures are trading above $75 per barrel and may support demand for biodiesel and soybean oil.
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