The afternoon rally in the soy complex brough the front month bean contracts back to positive territory, closing as much as 4 cents higher. After UNCH for May, soybeans closed 1 1/4 to 2 1/4 cents lower in the deferreds. Soymeal futures bounced back from midday losses and ended the Monday session $2.10 to $3.50/ton higher. Soybean oil stayed 19 to 35 points higher at the closing bell. USDA announced a private export sale for 120,700 MT of beans to unknown destinations this morning under the daily system. USDA also announced a large export sale for 135,000 MT of soymeal to the Philippines. The weekly Export Inspections report showed 2.66 MMT of soybean shipments on the week ending 10/22. That was up 15% wk/wk, and 69% above the same week last year. Of the week’s exports, 2.021 MMT went to China. Accumulated bean shipments are still on record pace with 526.856 mbu shipped through 10/22. After the close, NASS showed bean harvest progressed 8% on the week to 83% complete. The trade was expecting upper 80’s to 90% completion. The 5-yr average is 73%.

--- provided by Brugler Marketing & Management