Soybean futures are trading fractionally higher on Friday. July 17 soy meal is down $1, with soy oil 34 points higher in the front month. Planalytics lowered their 2017 US soybean yield estimate 0.2 bu/ac to 46.8 bu/ac.. Export commitments for 2016/17 soybeans are 106% of the USDA export estimate, well above the average of 100% for this date and last year’s 97%. Compared to last year, they are 19.6% larger YTD. The BAGE projects that soybean producers in Argentina have harvested 94.5% of their crop. Private Chinese traders are estimating that the PRC may start auctioning soybeans from state reserves in the next few weeks. Analysts with COFCO project lower August and September soybean imports for China of 7MMT and 6MMT respectively. Some Chinese plants are reporting that meal storage is full.

Jul 17 Soybeans are at $9.35 1/4, up 1/2 cent,

Aug 17 Soybeans are at $9.39 1/2, up 3/4 cent,

Sep 17 Soybeans are at $9.40 3/4, up 3/4 cent,

Nov 17 Soybeans are at $9.44 3/4, up 3/4 cent,

Jul 17 Soybean Meal is at $299.60, down $1.00

Jul 17 Soybean Oil is at $33.08, up $0.34

Market Commentary provided by:

Brugler Marketing & Management LLC
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