Soybeans Market Commentary

Soybean futures posted gains of 19 to 20 1/4 cents in the front months on Thursday, supported by short covering and good export numbers. A Bloomberg report on Thursday showed that China is planning to trim their average tariff rate on imports from trading partners as soon as Oct. No word on if it includes the US. Soybean meal was up $5/ton, while soy oil was 35 points in the green. Showers over the next week or so could slow harvest. Export sales for 18/19 soybeans totaled 917,556 MT in the week that ended on 9/13, slightly above the range of trade estimates. That was well short of last year, but above the week prior. Sales to China were shown at a net reduction of 4,000 MT, with Mexico the lead buyer of 165,600 MT. Sales of 19/20 soybeans were reported at 80,000 MT. Actual exports were down from the week prior at 800,913 MT, with none of that to China. Soy meal sales totaled 137,356 MT, with 18,122 MT in soy oil sales.

NOV 18 Soybeans closed at $8.50 1/4, up 20 1/4 cents,

JAN 19 Soybeans closed at $8.64, up 20 1/4 cents,

MAR 19 Soybeans closed at $8.77, up 19 3/4 cents,

MAY 19 Soybeans closed at $8.89 3/4, up 19 1/2 cents,

OCT 18 Soybean Meal closed at $311.40, up $5.00,

OCT 18 Soybean Oil closed at $27.60, up $0.35




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