Soybeans Seeing Green at Midday

Soybeans futures are trading 5 to 7 cents higher on Tuesday. Soybean meal is up $4.20/ton, with soy oil 27 points lower in Dec. The USDA weekly crop progress report showed that the 18 states have 72% of the soybean crop dropping leaves, 15% behind normal. NASS also reported the crop was 14% harvested, well shy of the 34% average. Roughly 18% of the 2019 projected production is in the Dakotas and MN, with some areas expected to see nearly 8 inches of snow. Condition ratings slipped 2% to 53% gd/ex, as the Brugler500 dropped 6 points to 342. That is the lowest rating this year and at a 7-year low for week 40. Ahead of the WASDE report traders are expecting a slight yield (0.6 bpa) reduction from USDA’s September projection to 47.3 bpa. Production estimates are seen as dropping 50 mbu from last month to 3.583 bbu.

NOV 19 Soybeans are at $9.20 1/2, up 5 1/4 cents,

JAN 19 Soybeans are at $9.35 1/4, up 5 3/4 cents,

MAR 20 Soybeans are at $9.46 3/4, up 6 1/4 cents,

MAY 20 Soybeans are at $9.56 1/2, up 6 1/4 cents,

OCT 19 Soybean Meal is at $301.60, up $4.20,

Dec 19 Soybean Oil is at $29.79, down 27 points,

-- provided by Brugler Marketing & Management

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