Soybeans Market Commentary

Soybean futures posted 21 to 22 1/4 cent losses in the nearby contracts on Thursday. Front month soy meal was down $7.40/ton, with soy oil 54 points lower. Export sales of 18/19 soybeans were just 293,566 MT for the week that ended on October 11. That was well below this time last year, as they saw a 33.2% drop wk/wk. Most of the sales were switched from unknown, which saw a net reduction of 694,400 MT. Shipments of soybeans picked up 30.9% from last week at 1.157 MMT but were still down 37.4% from a year ago. Spain was the top destination of 188,000 MT, with 134,700 MT headed to China. Soy meal sales were tallied at 104,342 MT, with soy oil 26,583 MT in the first full week of the new MY. Argentina’s ag ministry expects the country’s planted soybean acreage to total 43.25 million acres, up ~750,000 from last year.

Nov 18 Soybeans closed at $8.63 1/2, down 22 1/4 cents,

Jan 19 Soybeans closed at $8.77 3/4, down 22 cents,

Mar 19 Soybeans closed at $8.90 1/2, down 21 3/4 cents,

Jul 19 Soybeans closed at $9.13 3/4, down 21 1/2 cents,

Dec 18 Soybean Meal closed at $316.30, down $7.40,

Dec 18 Soybean Oil closed at $29.02, down $0.54

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




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