Soybeans end the week Higher

Soybeans were stronger at the close, 9 to 9 1/4 higher. September soybean meal was up $3.10/ton, with soy oil 6 points higher. Money Managers reduced their CFTC net short positions this week to 66,450, a decline of 9%. 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. Basis is sloppy, from -.80 to -1.09 across Iowa, with basis weaker farther West and stronger to the East.

SEP 19 Soybeans closed at $8.67 1/4, up 9 1/4 cents,

NOV 19 Soybeans closed at $8.79 3/4, up 9 cents,

JAN 19 Soybeans closed at $8.93 1/2, up 9 1/4 cents,

MAR 20 Soybeans closed at $9.06 1/2, up 9 1/2 cents,

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

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

-- provided by Brugler Marketing & Management

Market Commentary provided by:

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