Soybean Market Weaker on Thursday

Front month soybean futures closed the session with losses of 1 1/2 to 5 1/2 cents. The deferred months closed fractionally mixed, pulling some of the inverse out. Soybean meal futures closed the session with $0.10 to $1/ton gains. BO futures ended with 36 to 37 point losses. The weekly Export Sales report listed 1.62 MMT of bean bookings for the week ending 10/22. That was down 27% wk/wk, but in-line with estimates and up 80% yr/yr. China and Mexico were the top soybean purchasers on the week. For soymeal, USDA showed 199k MT booked. That was on the low end of estimates but up 11% yr/yr. Bean oil bookings were 80% below the same week last year with just 5,971 MT booked. The intergovernmental body, International Grains Council, sees 2020/21 world bean output at 370 MMT. That was down 3 MMT from their Sept forecast and lowered stocks by 4 to 46 million.

Nov 20 Soybeans closed at $10.51 3/4, down 5 1/2 cents,

Jan 21 Soybeans closed at $10.50 1/2, down 4 1/4 cents,

Mar 21 Soybeans closed at $10.40 1/4, down 1 1/2 cents,

May 21 Soybeans closed at $10.36 1/4, down 1/4 cent,

Dec 20 Soybean Meal closed at $376.90, up $0.20

Dec 20 Soybean Oil closed at $33.06, down $0.36

--- provided by Brugler Marketing & Management




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