Soybeans Market Commentary

Soybean futures are trading mostly 5 cents per bushel higher at the moment. They gained 6 to 6 1/2 cents yesterday after USDA numbers weren’t as bearish as traders had anticipated. Nearby soy meal was up 80 cents/ton, with soy oil up 8 points. The Crop Production report indicated 2018 projected US soybean yield @ 53.1 bpa, up 0.3 from the month previous. Harvested acreage was trimmed by 514,000 acres to 88.348 million acres, which left production down 3 mbu from September at 4.69 bbu. Ending stocks were increased by 40 mbu to 885 mbu on the larger carryover from 17/18. USDA now sees 2018/19 world carryout at 110.04 MMT, 1.78 MMT larger than Sept. Brazilian soy production for 2018/19 is expected to run 117.05 to 119.428 MMT according to CONAB. USDA is currently at 120.5 MMT. US Soybean export sales in the week of 10/4 are estimated at 0.8-1.3 MMT. Soy meal sales are seen at 150,000-450,000 MT, with oil at 5,000-26,000 MT.

--provided by Brugler Marketing & Management (402) 289-2330

Market Commentary provided by:

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