Soybeans Showing Little Reaction at Midday

Soybean futures are up 1 to 2 cents in most front months, excluding soon to expire July. Nearby July soybean meal is up $1.90/ton, with soy oil UNCH. The monthly WASDE from USDA showed 18/19 soybean ending stocks down 20 mbu from June at 1.05 bbu. Most of that was an increase to residual use. Production for 2019 was slashed by 305 mbu to 3.845 bbu this morning. That came via the drop in acreage shown June 28 and a 1 bpa reduction to yield at 48.5 bpa. New crop carryout is back below the 1 bbu mark, being trimmed by 250 mbu to 795. World ending stocks saw very few adjustments for 18/19 to 112.98 MMT (+0.18), with new crop down a sharp 8.13 to 104.53 MMT primarily on the US cut. This morning’s USDA Export Sales report tallied old crop soybean sales at 132,163 MT for the week of 7/4. That was a 9-week low and down 16.7% yr/yr. New crop sales totaled 129,500 MT for that week. Meal bookings were shown at 52,665 MT, with soy oil at 8,612 MT.

JUL 19 Soybeans are at $8.92, down 1 cent,

AUG 19 Soybeans are at $8.95 1/2, up 1 cent,

SEP 19 Soybeans are at $9.02, up 1 3/4 cents,

NOV 19 Soybeans are at $9.14, up 1 1/4 cents,

JUL 19 Soybean Meal is at $311.00, up $1.90,

JUL 19 Soybean Oil is at $27.97, unch,

--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

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.