Soybeans 7 Cents High on Pre-Report Positioning

Soybeans futures are mostly 7 cents higher this morning. They ended the day with the nearby contracts 5 to 5 1/2 cents lower. Soybean meal was down $3.30/ton, with soy oil 35 points higher. The trade range of new crop estimates for the weekly Export Sales report is 600,000 MT to 1.1 MMT for the week that ended on September 5. The WAOB is expected to show a slight reduction in old crop world soybean ending stocks to 114.23 MMT on Thursday. The average estimate for new crop is 100.11 MMT, which would be down 1.63 MMT from August. China has agreed to importation of Argentine soybean meal, again diversifying suppliers. Argentina is the world’s largest meal exporter, as the other large manufacturers have more domestic use to absorb the production. Due to a shrunken hog herd and the need for soybean oil, China is not expected to be a major meal importer.

-- provided by Brugler Marketing & Management

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