Soybean Market News and Commentary

Soybean futures are 3/4 to 2 cents higher this morning. They managed to squeeze out fractional to 1 cent gains in the 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 slow weekly Export Sales for the previous week. China hiked projected full year soy imports to 85 MMT from 83.65 MMT. USDA showed old crop soybean bookings at only 311,442 MT. Of that total 147,604 MT was sold to China. Soy meal 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. US soybean carryout could be smaller than last month due to strong crush activity. Sentiment leans toward exports being UNCH or reduced.

--provided by Brugler Marketing & Management

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