Soybeans Climbing on Friday

Soybeans are stronger at midday, at 8 1/2 to 8 ¾ higher. Net new selling was again noted on Thursday, with preliminary open interest up 4,383 contracts. September soybean meal is up $3.10/ton, with soy oil 6 points lower. This morning to the U.S. Department of Agriculture said private exporters reported export sales of 296,500 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year. Weekly new Crop sales on Thursday showed strong increases to 817,359 MT, 1.5 times larger than last week and 43% above the same week last year. There was a significant hike in “unknown destinations” which may be related to the old crop Chinese change. Basis is sloppy, from -.80 to -1.09 across Iowa, with basis weaker farther West and stronger to the East.

SEP 19 Soybeans are at $8.66 1/2, up 8 1/2 cents,

NOV 19 Soybeans are at $8.79 1/4, up 8 1/2 cents,

JAN 19 Soybeans are at $8.93, up 8 3/4 cents,

MAR 20 Soybeans are at $9.05 1/2, up 8 1/2 cents,

SEP 19 Soybean Meal is at $294.90, up $3.10,

SEP 19 Soybean Oil is at $29.13, up $0.06

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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