Soybean Market 2 Cents Higher Coming Into Report

Soybean futures around 2 cents per bushel higher this morning, awaiting the supply and demand updates from USDA. On Thursday, soybean futures ceded 3 to 5 cents in the afternoon session, but still closed the day up by 3 1/2 to 4 1/2 cents. Soymeal futures had 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. The average pre-report estimate for new crop soy production is for a 29.3 mbu increase to 4.154 bbu. Analysts expect the old crop carry out will be UNCH, with an average estimate of 585.6 mbu. New crop ending stocks, on the other hand, are expected to increase 28.9 mbu to 423.9. Ahead of the official estimate, traders anticipate USDA raising World bean stocks by 400k MT to 96.7 MMT. Yesterday’s Export Sales report showed new crop bean sales were 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.

--- provided by Brugler Marketing & Management

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