Soybeans Bounce to Near 3-Month High

Soybeans futures saw 5 to 6 1/2 cent gains in the front months, with Nov showing the highest trade since July 19th. Soybean meal was up $4.90/ton, with soy oil 24 points lower. Roughly 21% of the US planted soybean acreage for 2019 is in the Dakotas and MN, with some areas expected to see 8-16 inches of snow. Any crop losses will likely be reflected in the November Crop Production report. Ahead of Thursday’s 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 dropping 50 mbu from last month to 3.583 bbu.

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

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

MAR 20 Soybeans closed at $9.47, up 6 1/2 cents,

MAY 20 Soybeans closed at $9.56 3/4, up 6 1/2 cents,

OCT 19 Soybean Meal closed at $302.30, up $4.90,

OCT 19 Soybean Oil closed at $29.77, down $0.24

-- provided by Brugler Marketing & Management

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