Soybeans Market Commentary

Soybean futures are currently down 11 to 12 3/4 cents and pressured by a larger US carryout projection. Front month soy meal is down $2.90/ton, with soy oil 31 points lower. This morning’s Crop Production report from NASS showed US soybean yield at 52.1 bpa, down 1 bpa from October and under the average trade guess. The US production total was trimmed by 90 mbu to 4.6 bbu. The balance sheet tallied a US ending stocks total of 955 mbu, 70 higher vs. October pressured by weaker export demand. USDA had to cut projected US exports by 160 million bushels because it just isn’t happening. World ending stocks saw a 2.04 MMT increase to 112.08 MMT due to old crop revisions. USDA also reported that 388,422 MT of 18/19 soybeans were sold for export in the week of 11/1 in their weekly Export Sales report. That was slightly lower than last week and shy of expectations, with last year’s sales for the same week 66.5% larger. Soy meal sales were shown at 255,987 MT, with soy oil at 22,436 MT.

Nov 18 Soybeans are at $8.55, down 12 3/4 cents,

Jan 19 Soybeans are at $8.67 3/4, down 11 3/4 cents,

Mar 19 Soybeans are at $8.80 3/4, down 11 1/2 cents,

May 19 Soybeans are at $8.94, down 11 1/2 cents,

Dec 18 Soybean Meal is at $305.10, down $2.90

Dec 18 Soybean Oil is at $27.89, down $0.31

--provided by Brugler Marketing & Management




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