Soybean Market News and Commentary

Soybean futures are trading a penny firmer to 4 cents higher at midday. Meal futures are up 90 cents/ton in the nearby contract, with soy oil 15 points lower. Rumors floating around of new Chinese buying are offsetting low sales reported this morning. The weekly Export Sales report tallied old crop soybean bookings nearly half of the low end of estimates at 311,442 MT, with 72,000 MT for new crop. Of that total 147,604 MT was sold to China, with 174,600 MT reported in net reductions for unknown. Soy meals sales totaled 230,523 MT for 18/19, with soy oil at 8,136 MT. Analysts expect USDA to trim Brazil’s production total to 115.7 MMT, with Argentina seen slightly higher at 55.23 MMT.

Mar 19 Soybeans are at $8.93 3/4, up 4 cents,

May 19 Soybeans are at $9.03, up 1 cent,

Jul 19 Soybeans are at $9.17, up 1 1/4 cents,

Aug 19 Soybeans are at $9.23, up 1 cent,

Mar 19 Soybean Meal is at $302.70, up $0.90

Mar 19 Soybean Oil is at $29.36, down $0.15

--provided by Brugler Marketing & Management




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