Soybeans Gains Continue into the Weekend

Soybeans futures gained 4 1/2 in Nov contracts on Friday for a 3.77% gain on the week. Soybean meal was up $0.80/ton to $289.80 with soy oil down 1 point to 28.73 at Friday’s close. Beans saw a net short of 8,730 contracts held by the managed money in this afternoon’s Commitment of Traders report. They bought back a net 32,958 contracts in the week ending October 1. IEG Vantage updated their estimated 2019 soybean yield to 46.5 bpa, down 1.9 bpa from last month. Census trade data this morning revealed a record for August exports at 4.931 MMT, or 181.19 mbu. Of the August total 2.68 MMT was to China (489.5 mbu). Soy meal exports were at 939,711 MT, which was just shy of last year’s August record. The census data noted August soy oil exports at 75,109 MT.

NOV 19 Soybeans closed at $8.54, up 4 1/2 cents,

JAN 19 Soybeans closed at $9.30 1/4, up 4 1/4 cents,

MAR 20 Soybeans closed at $9.40 3/4, up 4 1/4 cents,

MAY 20 Soybeans closed at $9.50, up 3 3/4 cents,

OCT 19 Soybean Meal closed at $298.80, up $0.80,

OCT 19 Soybean Oil closed at $28.73, down $0.01

-- provided by Brugler Marketing & Management




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