Soybean Market Mixed

Soybeans futures are fractionally mixed this Monday morning. They gained 4 1/2 in Nov contract 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 the 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 revealed record August US 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 put August soy oil exports at 75,109 MT. Trade ideas for tonight have US soybean harvest 13-14% complete vs. 34% average for this week. -- provided by Brugler Marketing & Management

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