AgriCharts Market Commentary

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Soybeans Close Lower on Tuesday

Soybeans futures saw 6 1/4 to 6 1/2 cent losses in the front months on Tuesday. Soybean meal was down $1.10/ton, with soy oil 29 points lower. USDA reported another private export sale of 260,000 MT of 19/20 soybeans to China this morning, the third in as many days and bringing the total to 720,000 MT. USSEC indicated that China may be in the market for 1 to 3 MMT, not just the 600,000 MT rumored last Thursday. That said, they were buying ~30 MMT or more per year before the trade war. NASS reported the percentage of US soybeans dropping leaves by week 37 was the lowest since at least 1985. Condition were down 3 points in IL, 4 points in IN, 2 points lower in NE, and down 8 in MN on the Brugler500 index. They saw gains of 7 points in IA and MO.

NOV 19 Soybeans closed at $8.93 3/4, down 6 1/4 cents,

JAN 19 Soybeans closed at $9.07 1/4, down 6 1/2 cents,

MAR 20 Soybeans closed at $9.19 1/2, down 6 1/4 cents,

MAY 20 Soybeans closed at $9.30 1/4, down 6 1/4 cents,

OCT 19 Soybean Meal closed at $294.10, down $1.10,

OCT 19 Soybean Oil closed at $29.85, down $0.29

-- provided by Brugler Marketing & Management

Soybeans in the Red at Midday

Soybeans futures trading 8 to 8 1/2 cents lower at midday. Soybean meal is down $3.50/ton, with soy oil 8 points lower. USDA reported another private export sale of 260,000 MT of 19/20 soybeans to China this morning, the third in as many days and bringing the total to 720,000 MT. USSEC indicated that China may be in the market for 1 to 3 MMT, not just the 600,000 MT rumored last Thursday. That said, they were buying 30 MMT or more per year before the trade war. NASS reported that 95% of the US soy crop is setting pods and 15% dropping leaves (lagging the 38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345.

NOV 19 Soybeans are at $8.91 1/2, down 8 1/2 cents,

JAN 19 Soybeans are at $9.05 1/2, down 8 1/4 cents,

MAR 20 Soybeans are at $9.17 1/2, down 8 1/4 cents,

MAY 20 Soybeans are at $9.28 1/2, down 8 cents,

OCT 19 Soybean Meal is at $291.70, down $3.50,

OCT 19 Soybean Oil is at $30.06, down $0.08

-- provided by Brugler Marketing & Management

Soybean Market Down 7 to 8 Cents

Soybeans futures are mostly 7 to 8 cents lower this morning. They closed Monday with 1 to 2 cent gains in the front months. Soybean meal were down $2.70/ton, with soy oil 85 points higher on tight NOPA stocks. USSEC indicated that China may be in the market for 1 to 3 MMT, not just the 600,000 MT rumored last Thursday and partially confirmed by USDA. NASS reported that 95% of the US soy crop is setting pods and 15% dropping leaves (lagging the 38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report put August crush 168.085 mbu, vs. trade ideas at 162-163. That was just 0.008 mbu below July and 5.79% above August 2018. NOPA soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014. That’s an indication of strong use when crush was high but oil stocks were drawn down.

-- provided by Brugler Marketing & Management

Soybeans Supported by Bean Oil on Monday

Soybeans futures closed Monday with 1 to 2 cent gains in the front months. Soybean meal were down $2.70/ton, with soy oil 85 points higher on tight NOPA stocks. USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week. NASS reported the US soybean crop with 95% of the crop setting pods and 15% dropping leaves (38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report showed August crush among its members at 168.085 mbu, well above trade estimates. That was just 0.008 mbu below July and 5.79% above August 2018. Soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014.

NOV 19 Soybeans closed at $9.00, up 1 1/4 cents,

JAN 19 Soybeans closed at $9.13 3/4, up 1 1/2 cents,

MAR 20 Soybeans closed at $9.25 3/4, up 1 3/4 cents,

MAY 20 Soybeans closed at $9.36 1/2, up 1 3/4 cents,

OCT 19 Soybean Meal closed at $295.20, down $2.70,

OCT 19 Soybean Oil closed at $30.14, up $0.85

-- provided by Brugler Marketing & Management

Soybeans Held Up By Bean Oil

Soybeans futures are steady to 2 cents higher in most nearby contracts at midday. Soybean meal is down $2.80/ton, with soy oil 75 points higher on the sharply higher crude oil. USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week. USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year. The monthly NOPA crush report showed that August crush among its members at 168.085 mbu, well above trade estimates. That was just 0.008 mbu below July and 5.79% above August 2018. Soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014. Estimates are for soybean crop ratings to be down 1-2% from last week this afternoon.

NOV 19 Soybeans are at $8.98 3/4, unch,

JAN 19 Soybeans are at $9.12 1/2, up 1/4 cent,

MAR 20 Soybeans are at $9.24 1/2, up 1/2 cent,

MAY 20 Soybeans are at $9.35 1/2, up 3/4 cent,

OCT 19 Soybean Meal is at $295.10, down $2.80,

OCT 19 Soybean Oil is at $30.04, up $0.75

-- provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com