Soybeans Up a Nickel at Midday

Soybeans futures are trading 5 to 5 1/2 cents higher in the nearby contracts at midday. Meal futures are up $1/ton and soy oil 34 points higher. The 8-14 day outlook shows chances for below normal temperatures as we head into September. Ahead of Thursday’s Export Sales report, analysts are expecting a net reduction of 200,000 up to net sales of 100,000 MT of old crop soybeans in the week of 8/15. New crop bookings are seen at 350,000-700,000 MT. Soy meal sales are seen at 100,000-350,000 MT, with soybean oil at 5,000-25,000 MT. Results from day two of the Midwest Crop Tour had pod counts in Nebraska down 7% from last year. The average count in Indiana was down 30%. Of the states being surveyed, IN had the lowest % of the crop setting pods (50%) as of Sunday. The tour is in Illinois and Iowa today, with the last leg wrapping up on Thursday.

SEP 19 Soybeans are at $8.60 3/4, up 5 cents,

NOV 19 Soybeans are at $8.73 1/4, up 5 cents,

JAN 19 Soybeans are at $8.87 1/2, up 5 1/2 cents,

MAR 20 Soybeans are at $9.00 1/2, up 5 1/4 cents,

SEP 19 Soybean Meal is at $295.00, up $1.00,

SEP 19 Soybean Oil is at $28.77, up $0.34

-- provided by Brugler Marketing & Management




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