Soybean Futures Rallied

Soybeans made double digit gains, closing Thursday with gains of 7 1/2 to 10 cents. Soybean meal gained $6.70/ton on the day; earlier this morning the USDA reported a private export sale to the Philippines of 133,000 MT of soybean meal for 19/20 delivery. Soybean oil lost 32 points on the day. The USDA reported a private export sale this morning of 136,000 MT of beans for 19/20 delivery to China. Weekly soybean export sales this morning were above traders’ expectations, listed at 1.807 MMT for the week ending 10/31. The sales were 91.5% higher than the depressed previous week, and 41% above the previous 4 week average. The export sales report stated that 1.559 MMT of beans were shipped through the same week, with was 9.5% below the week prior. Of the shipments 821,268 MT (52.66%) were destined for China. The PRC also purchased 956,268 MT of net new sales through the week. Soybean meal was expected to see export sales ranging 150,000 - 300,000 MT in the report, which stated 262,418 MT were in fact sold for the week ending 10/31. Soybean oil export sales were less than estimates, with 3,812 MT for the week ending 10/31. Tomorrows WASDE is anticipated to show that soybean yields and ending stocks for the U.S. to be 46.6 and 452 mbu.

NOV 19 Soybeans closed at $9.25, up 10 cents,

JAN 19 Soybeans closed at $9.36 1/2, up 9 cents,

MAR 20 Soybeans closed at $9.48 3/4, up 8 cents,

MAY 20 Soybeans closed at $9.60 1/4, up 7 1/2 cents,

DEC 19 Soybean Meal closed at $305.60, up $6.70,

DEC 19 Soybean Oil closed at $31.43, down $0.32

-- provided by Brugler Marketing & Management

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