Soybeans See Gains at Midday on Wednesday

Soybeans futures are seeing gains at midday up 3 1/2 to 3 3/4. Soybean meal is up $3.90/ton, with soy oil 17 points lower. China’s Vice Premier is starting his meetings with U.S. officials tomorrow, attempting to de-scale tariff hikes scheduled for Oct 15th. According to a Financial Times report from Beijing, China is expected to offer to buy more U.S. ag products, boosting soybean purchases to 30 MMT. That would be in line with where we were pre-Trade War. No word on what they want the US to give up in return. On average, traders expect a cut in the US soybean carryout in Thursday’s monthly report, with estimates suggesting a 144 mbu drop for 19/20 ending stocks. Weekly Export Sales data on Thursday is expected to show 1.3-1.8 MMT in soybean export sales during the week of 10/3. Soy meal is seen at 100,000-300,000 MT, with Soy oil at 5,000-35,000 MT.

NOV 19 Soybeans are at $9.24 1/4, up 3 3/4 cents,

JAN 19 Soybeans are at $9.38 3/4, up 3 1/2 cents,

MAR 20 Soybeans are at $9.50 3/4, up 3 3/4 cents,

MAY 20 Soybeans are at $9.60 1/4, up 3 1/2 cents,

OCT 19 Soybean Meal is at $306.20, up $3.90,

OCT 19 Soybean Oil is at $29.60, down $0.17

-- provided by Brugler Marketing & Management

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