Soybeans

Soybean futures closed Wednesday with most contracts 5 1/2 to 10 cents higher. on bargain hunting following yesterday’s bearish report. Sept soy meal was up $5.20/ton, with nearby bean oil down 12 points. The USDA announced a private export sale of 167,370 MT of soybeans to Mexico for 17/18 delivery through their daily reporting system. Traders are projecting Thursday’s Export Sales report to show 1-1.3 MMT in 17/18 soybean sales. They are also expecting 50,000-400,000 MT in soy meal sales, with soy oil sales ranging 0-40,000 MT. The 17/18 cash average process was lowered a dime to $9.20. Ahead of Friday’s NOPA report, analysts are estimating August crush of NOPA members will be 137.501 million bushels. Aug 31 member soy oil stocks are seen at 1.396 billion pounds. Prevent plant soybean acres for September came in 3,666 acres short of August at 432,944 acres across the US.

Sep 17 Soybeans closed at $9.53, up 8 3/4 cents,

Nov 17 Soybeans closed at $9.60 1/2, up 10 cents,

Jan 18 Soybeans closed at $9.70 3/4, up 10 cents,

May 18 Soybeans closed at $9.87 3/4, up 9 1/4 cents,

Sep 17 Soybean Meal closed at $300.30, up $5.20,

Sep 17 Soybean Oil closed at $34.72, down $0.12




Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
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