Soybeans Get Bullish Numbers but Dragged Down by Corn

Soybean futures closed the crazy Monday session with most nearby contracts 11 to 12 1/2 cents lower. USDA’s soybean data was mostly friendly, with limit losses in corn providing the pressure. August soybean meal was down $4.80/ton, with soy oil 13 points higher. The NASS resurvey of producers shows 76.7 million acres planted to soybeans, down 3.3 mac from the June survey. FSA data also shows producers enrolling 4.351 million acres for soybean prevent plant as of August 1. USDA left projected yield unch from July at 48.5 bpa, taking production to 3.68 bbu (-165 mbu) on the smaller acreage. For old crop, WOAB raised ending stocks for the US by 20 mbu to 1.07 bbu, with new crop down 40 mbu to 755 mbu. World soybean carryout was up 1.55 to 114.53 MMT for old crop, with new crop down 2.79 to 101.74 MMT. The weekly Export inspections report indicated that 944,238 MT of soybeans were shipped during the week of 8/8, with 468,230 MT headed to China. Total shipments were down from last week but 62.36% larger than last year at this time. Crop Progress data showed soybeans at 82% blooming as of Sunday (93% avg), with 54% reported as setting pods (76%). Condition ratings were unch on the gd/ex score at 54%, as the Brugler500 was down 1 to 346.

AUG 19 Soybeans closed at $8.61 1/2, down 12 1/4 cents,

SEP 19 Soybeans closed at $8.66 3/4, down 12 1/4 cents,

NOV 19 Soybeans closed at $8.79 1/4, down 12 1/2 cents,

JAN 20 Soybeans closed at $8.92 3/4, down 12 cents,

AUG 19 Soybean Meal closed at $291.90, down $4.80,

AUG 19 Soybean Oil closed at $29.64, up $0.13

--provided by Brugler Marketing & Management




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