Soybean Market Up 1 to 1 1/2 Cents

Beans are beginning the week 1 to 1 1/2 cents higher. Nearby futures finished with gains of 1 to 1 1/2 cents on Friday. Soybean meal closed Friday with $4.00/ton gain, which pushed the futures to a $2.20 gain for the week. Soybean oil ended Friday’s session 35 points lower on the day and 107 points lower on the week. The NOPA Oilseed Crush Report showed 175.397 mbu, which was above published trader expectations of ~166.8 mbu. Oil stocks were 1.423 billion pounds. The Commitment of Traders Report showed managed money funds were net long soybeans for the 6th consecutive week. Managed money was net short for Soybean meal, with bean oil seeing an increase in spec net long as of 11/12. Weekly soybean export sales were 30.7% lower than last week at 1.253 MMT through 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. Trade ideas to harvest progress are running 91-92%, with 95% being average for this date.

--- provided by Brugler Marketing & Management




Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!


Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.