Soybeans Market Commentary

Soybean futures are mostly 2 to 3 1/2 cents in the green at midday, after USDA numbers weren’t as bearish as traders had anticipated. Nearby soy meal is up $1.70/ton, with soy oil down 18 points. This morning’s Crop Production report indicated 2018 projected US soybean yield @ 53.1 bpa, up 0.3 from the month previous. Harvested acreage was trimmed by 514,000 acres to 88.348 million acres, which left production down 3 mbu from September at 4.69 bbu. Ending stocks were increased by 40 mbu to 885 mbu on the larger carryover from 17/18, still 13 mbu lower than estimates. USDA now sees 18/19 world carryout at 110.04 MMT, 1.78 MMT larger than Sept. Brazil production projections for 18/19 range from 117.05 to 119.428 MMT according to a CONAB report released this morning. USDA is currently at 120.5 MMT.

NOV 18 Soybeans are at $8.54 3/4, up 2 1/2 cents,

JAN 19 Soybeans are at $8.68 1/2, up 2 1/2 cents,

MAR 19 Soybeans are at $8.81 1/4, up 2 1/2 cents,

MAY 19 Soybeans are at $8.95 1/2, up 3 1/2 cents,

OCT 18 Soybean Meal is at $313.70, up $1.70,

OCT 18 Soybean Oil is at $28.47, down $0.18

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

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