Soybeans Gain Traction with the Help of Trade Rumors

Soybeans futures are mostly 12 to 14 1/2 cents higher on Tuesday. Soybean meal is up $4.50/ton, with soy oil 6 points higher, A rumor was working its way through the wires this morning that China is expected to agree to buy more US Ag products. A private export sale of 138,000 MT of 19/20 soybeans were reported to Mexico by USDA this morning. They also reported sale of 195,750 MT of soybean meal to Mexico for 19/20 (155,000 MT) and 20/21 (40,750 MT) delivery. Crop Progress data showed conditions nearly unch at 55% gd/ex, with the Brugler500 index rising 2 points to 350 on an improvement in the poorer rated crop areas. IL was down 11 points on the week, with IN 3 lower and NE down 5 on the Brugler500. Ratings in IA (+2), MN (+1), MO (+3), and the Dakotas were all reported higher. CONAB updated their 18/19 Brazilian soybean crop estimate to 115.03 MMT, a slight increase from Aug and vs. USDA’s 117 MMT.

SEP 19 Soybeans are at $8.52 1/4, up 7 1/4 cents,

NOV 19 Soybeans are at $8.72 1/4, up 14 1/2 cents,

JAN 19 Soybeans are at $8.86 1/4, up 14 1/4 cents,

MAR 20 Soybeans are at $8.99 1/4, up 13 1/2 cents,

SEP 19 Soybean Meal is at $293.00, up $4.50,

SEP 19 Soybean Oil is at $28.32, up $0.06

-- provided by Brugler Marketing & Management

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