Soybeans Up 5 to 6 Cents This Morning

Bean futures are 5 to 6 cents higher this morning. The soy complex was solidly in the black yesterday. Meal was the strongest on the day with 2.14% to 3.11% gains. Soybeans closed with double digit gains through May ’21 contracts, with Nov up 2.2% on the day. Preliminary open interest data shows net new buying interest, with soybean OI rising 7,987 contracts. Soybean oil futures closed 48 to 53 points higher. The national average soybean basis from cmdtyView is 53 cents under November for 10/6. The October cmdtyView yield forecast is still 50.5 bpa for 2020/21 beans. The trade average yield guess in a Bloomberg survey is 51.7 bpa vs. the September USDA estimate of 51.9. On average, analysts are looking for USDA to show soy production at 4.288 bbu. That would be down 25 mbu from Sept if realized. USDA will factor September frost/freeze damage into this report, as it occurred too late to be in the September edition. Official August bean export data from Census was 167.21 mbu. That left the MY total at 1.676 bbu. The Sept WASDE estimated 2019/20 soybean exports at 1.680 bbu. China was the destination for 35.52% of the MY’s shipments. That is up from 28% in 2018/29, but below the pre trade war 10-yr average of 55%.--- provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.