Soybean Market News and Commentary

Soybean futures managed to squeeze out fractional to 1 cent gains in most front months on Thursday. Meal futures were up 20 cents/ton in the nearby contract, with soy oil 10 points lower. Rumors of new Chinese buying (up to 2 MMT) partially offset the 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. They also see world carryout at 106.33 MMT, 0.39 below last month.

Mar 19 Soybeans closed at $8.90 3/4, up 1 cent,

May 19 Soybeans closed at $9.02 1/2, up 1/2 cent,

Jul 19 Soybeans closed at $9.16 1/2, up 3/4 cent,

Sep 19 Soybeans closed at $9.27 1/4, up 1/4 cent,

Mar 19 Soybean Meal closed at $302.00, up $0.20,

Mar 19 Soybean Oil closed at $29.41, down $0.10

--provided by Brugler Marketing & Management




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