Beans Lose Steam but Still Green

Soybean futures ceded 3 to 5 cents in the afternoon session, but still closed 3 1/2 to 4 1/2 cents higher in the front months. July soybeans were trading on just 142 contracts (as of Wed) with no deliveries reported 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 closed with gains of $3.50 to $3.60/ton. Soy oil futures ended the day down by 26 points. Old crop export sales from the week ending July 2 exceeded estimates as 34.99 mbu were booked. New crop sales were below expectations @ just 14.04 mbu. 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. Chinese new crop commitments are at a multi-year high for this date. 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.

Jul 20 Soybeans closed at $8.98 1/4, up 3 1/2 cents,

Aug 20 Soybeans closed at $8.96 1/2, up 4 cents,

Sep 20 Soybeans closed at $8.95 1/4, up 4 1/2 cents,

Nov 20 Soybeans closed at $9.01 1/2, up 4 1/4 cents,

Aug 20 Soybean Meal closed at $297.30, up $3.50

Aug 20 Soybean Oil closed at $28.29, down $0.26

--- 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.