Soybeans Post Double Digit Gains with the Help of Trade Rumors

Soybeans futures posted 12 to 14 1/4 cent gains in the nearby contracts on Tuesday. Soybean meal was $4.40/ton, with soy oil 12 points higher. A rumor was working its way through the mill this morning that China is expected to buy more US Ag products, though advisor Navarro downplayed any expectations. 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. USDA is expected to show a reduction of 25 mbu to old crop ending stocks to 1.045 bbu on Thursday. New crop carryout is estimated to be cut by 101 mbu to 654 mbu. 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 closed at $8.59 1/4, up 14 1/4 cents,

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

JAN 20 Soybeans closed at $8.85 3/4, up 13 3/4 cents,

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

SEP 19 Soybean Meal closed at $292.90, up $4.40,

SEP 19 Soybean Oil closed at $28.38, up $0.12

-- provided by Brugler Marketing & Management

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