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

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