Bean Market Higher at Midday

Soybean futures are up 7 1/4 to 8 cents per bushel in the front months. July soybeans are trading near $9.03 with no deliveries reported as of yet. The national average soybean cash price from cmdtyView is $8.56, but ECB beans are $8.59 compared to $8.19 in the WCB. Soymeal futures are $4.40 to $4.70/ton higher at midday. So far soy oil futures are 18 points lower in August and Sept, but up by 36 points in July. Old crop bean bookings from the week ending July 2 exceeded estimates as 34.99 mbu were sold. New crop sales were below expectations with just 14.04 mbu booked. Accumulated new crop bookings are at 49 mbu, which is 181% above new crop bookings from the same week last MY, and 81% of the total fwd sales coming into the 2019/20 MY. China booked 49% of the week’s sales, with 461k MT of old crop bookings and 192k MT of new crop purchases. Soymeal sales were 124,392 MT on the week ending July 2. Meal sales were primarily to Mexico and Colombia. Bean oil bookings on the week were just above pre-report estimates with 28,908 MT sold. A pre-report poll of analysts suggests traders expect a 0.7 MMT cut to 123.3 MMT for Brazil’s production. CONAB’s July estimate is 120.9 MMT.

Jul 20 Soybeans are at $9.02 3/4, up 8 cents,

Aug 20 Soybeans are at $8.99 3/4, up 7 1/4 cents,

Sep 20 Soybeans are at $8.98 3/4, up 8 cents,

Nov 20 Soybeans are at $9.05, up 7 3/4 cents,

Aug 20 Soybean Meal is at $298.20, up $4.40

Aug 20 Soybean Oil is at $28.37, down $0.18

--- provided by Brugler Marketing & Management

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