Bean Market Down at Midday

In the immediate response to the new supply and demand numbers, soybean futures are down by 3 1/2 to 4 1/4 cents. Soymeal futures are down by $2.10/ton. Soy oil futures are trading 3 points higher at midday. USDA estimates soybean production at 4.135 bbu, which was a smaller than expected increase. Shifting residual use from 4 mbu to a negative 46 mbu, 2019/20 carryout was up to 620 mbu. New crop ending stocks were also up by more than expected, with a 30 mbu bump to 425. USDA raised old crop World bean stocks by 480k MT to 99.7 MMT, and lowered New crop by 1.26 MMT to 95.08. Brazilian old crop bean production was hiked to 126 MMT, larger than any of the published pre-report estimates.

Jul 20 Soybeans are at $8.98, down 1/4 cent,

Aug 20 Soybeans are at $8.92 3/4, down 3 3/4 cents,

Sep 20 Soybeans are at $8.91 3/4, down 3 1/2 cents,

Nov 20 Soybeans are at $8.97 1/4, down 4 1/4 cents,

Aug 20 Soybean Meal is at $295.20, down $2.10

Aug 20 Soybean Oil is at $28.32, up $0.03

--- provided by Brugler Marketing & Management

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