Soy Complex Mostly Red
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At the close for the first trade day of the week soybean futures were 2 3/4 to 7 1/4 cents lower. August beans, which expire on Friday ended with an 11 1/2 cent gain. Soymeal prices ended the Monday session off the highs for a $1.50 to $1.80/ton gain. BO futures stayed triple digits lower, save for August contracts which were up 231 points. 

NASS reported 91% of bean fields were blooming as of the 8th. The average is for 89% of beans to have matured at least to blooming. The Crop Progress report had 72% of soybeans setting pods, compared to the average of 68% by week 32.  NASS scored soybean condition ratings unch, with 60% good to excellent for a Brugler500 conversion of 356. That was up 1 point from last week, matching expectations. IL soybean fields moved the most compared to last week, with an 11 point bump to 393 putting the state in the top spot with TN. ND conditions are still the lowest of the top 18 producing states, after ND fell another 9 points to 249 on the Brugler500 index. 

USDA announced a private export sale to unknown for 104,000 MT of new crop beans this morning. Soybean exports from the week that ended 8/5 were 114,253 MT. That was down from 185k MT last week and form 843k MT during the same week last season. USDA also added exports to Mexico to their weekly data, going all the way back to 2017, for a combined ~250k MT. MYTD soybean exports were up to 58.388 MMT through 8/5. 

Chinese Customs data showed July bean imports were 8.674 MMT, bring the 7 month YTD total to 57.63 MMT (+4.5% yr/yr). 

Ahead of USDA’s August WASDE, traders are looking for a 50.3 bpa soy yield and a 4.362 bbu crop. The trend yield of 50.8 bpa and June acreage left USDA’s July estimate at a 4.405 bbu output. 

Aug 21 Soybeans  closed at $14.33 3/4, up 11 1/2 cents,

Nearby Cash  was $13.49 1/2, down 8 3/8 cents,

Sep 21 Soybeans  closed at $13.41 1/2, down 2 3/4 cents,

Nov 21 Soybeans  closed at $13.29 3/4, down 7 cents,

New Crop Cash  was $12.82 2/3, down 7 1/4 cents,




<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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