Soybeans Post Slight on Wednesday

Soybeans futures closed Wednesday with 2 3/4 to 3 1/4 cent gains in the nearby contracts. Soybean meal was up $3.10/ton, with soy oil 14 points lower at the close. China was reported to offer to buy more U.S. ag products, boosting annual soybean purchases to 30 MMT according to rumors. 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. The average trade estimate for World carryout is 96.46 MMT, which would be a 2.73 MMT reduction from Sep. 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 closed at $9.23 3/4, up 3 1/4 cents,

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

MAR 20 Soybeans closed at $9.49 3/4, up 2 3/4 cents,

MAY 20 Soybeans closed at $9.59 1/2, up 2 3/4 cents,

OCT 19 Soybean Meal closed at $305.40, up $3.10,

OCT 19 Soybean Oil closed at $29.63, down $0.14

-- provided by Brugler Marketing & Management

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