Soybean Market In Plus Territory Ahead of Reports

Soybeans futures are fractionally higher this morning. They 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. On average, traders expect a cut in the US soybean carryout in the WASDE monthly report this morning, 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 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.

-- provided by Brugler Marketing & Management

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