Soybeans Market Commentary

Soybean futures closed 26 to 28 1/4 cents in the green on Thursday, after China indicated that it would return to the bargaining table with the US for low level talks. That’s not the same as having a deal, but you can’t get a deal if you aren’t talking! Nearby soy meal was up $5.10/ton, with soy oil 27 points higher. A private export sale of 154,404 MT of 18/19 soybeans was reported to Mexico under the USDA’s daily reporting system. The weekly Export Sales report showed old crop soybean sales on the low-end estimates at 133,414 MT. Unknown destinations had a net reduction of 205,500 MT, with most of that being switched. New crop sales were reported at 571,554 MT, up 7.3% from last week. Soybean exports in the week of August 9 were 586,559 MT, down sharply from the week prior and 21% lower than last year. The Inspections report on Monday had already hinted at a smaller number. Soy meal export sales were seen at a combined total of 354,487 MT, as soy oil was just 5,124 MT.

Sep 18 Soybeans closed at $8.85 1/2, up 28 cents,

Nov 18 Soybeans closed at $8.97, up 28 cents,

Jan 19 Soybeans closed at $9.09 1/4, up 28 1/4 cents,

May 19 Soybeans closed at $9.30 1/2, up 26 1/2 cents,

Sep 18 Soybean Meal closed at $334.60, up $5.10,

Sep 18 Soybean Oil closed at $28.15, up $0.27

Market Commentary provided by:

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