Soybeans Market Commentary

Soybean futures are trading 6 cents lower going into the morning break. They posted gains of 19 to 20 1/4 cents in the front months on Thursday, supported by short covering (preliminary OI down 7,733 contracts) and good export numbers. Soybean meal was up $5/ton (backing off $2 overnight), while soy oil was 35 points in the green. Showers over the next week or so could slow harvest. US Export sales for 2018/19 soybeans totaled 917,556 MT in the week that ended on 9/13, slightly above trade estimates. That was well short of last year, but above the week prior. Sales to China were net negative 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.




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