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Soybeans Market Commentary
cmdty Insider - BRUG - Thu Nov 08, 5:01PM CST

Soybean futures saw just fractional losses in most contracts on Thursday, despite pressure from a larger US carryout projection. Front month soy meal was down $1.90/ton, with soy oil 18 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. US ending stocks rose to 955 mbu, 70 higher vs. October and 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 closed at $8.67 1/2, down 1/4 cent,

Jan 19 Soybeans closed at $8.79, down 1/2 cent,

Mar 19 Soybeans closed at $8.92, down 1/4 cent,

Jul 19 Soybeans closed at $9.18 1/4, down 1/4 cent,

Dec 18 Soybean Meal closed at $306.10, down $1.90,

Dec 18 Soybean Oil closed at $28.02, down $0.18

--provided by Brugler Marketing & Management

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