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Mid-Session Soy Complex Market Report for 10/13/2008

November soybeans opened 16 1/2 cents higher on the day at 910 and established an early range of 921 1/4 to 938 3/4. The higher open in the soybean complex attracted light buying by locals which added modestly to the early highs going into early mid session. However, traders report that buying dried up at higher levels. Locals turned sellers and the soybean and meal markets retreated from the mid day highs into mid session. Oil gained on meal in the early going, reversing the gains of recent days. Rains in the NW and western corn and soybean belt today are expected to slow harvest after the nearly ideal conditions and rapid harvest progress seen over the weekend. Some delays are possible in central and eastern growing areas tomorrow and Wednesday. The Export Inspections and Crop Progress reports, normally out on Monday, will be released one day late this week due to the Columbus Day Holiday. Basis levels were generally firm across the Midwest to start the week with few signs of steeped up farmer selling in the midst of the sharp declines in futures last week and a setback from last week's record highs in the barge freight markets.




 
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