Beans Post Midday Gains

Nearby bean futures are up by as much as 3 1/2 cents at midday. Soybean meal is making gains of $3.70/ton loss. Soybean oil is 26 points lower so far. The NOPA Oilseed Crush Report showed 175.397 mbu, which was above trader expectations of ~166.8 mbu. Weekly soybean export sales were 30.7% lower than last week’s bookings, reported at 1.253 MMT as of 11/07. Exports were also lower than the previous week, down 18.3% to 1.274 MMT shipped. Of those weekly shipments, 54.42% were headed for China. China’s accumulated weekly imports continue to outpace last year with their MY accumulated 3.153 MMT of soybeans being 830.12% higher. The MYTD for all accumulated soybean exports have been updated to 10.732 MMT, putting us 11.6% ahead of last MY year’s pace. Soybean meal export sales increased 31.6% wk/wk, but are 21.4% below last year’s pace with 3.297 MMT of total outstanding sales. Soy oil 30,560 MT of weekly sales for the week ending 11/07, with 12,144 MT of shipments for the week.

JAN 19 Soybeans are at $9.20 1/4, up 3 1/2 cents,

MAR 19 Soybeans are at $9.33, up 3 1/2 cents,

MAY 20 Soybeans are at $9.44 3/4, up 3 1/2 cents,

JUL 20 Soybeans are at $9.55, up 3 3/4 cents,

DEC 19 Soybean Meal is at $306.80, up $3.70,

DEC 19 Soybean Oil is at $30.52, down $0.26

--- provided by Brugler Marketing & Management

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