Soybean Market 1 to 6 Cents Higher

Soybean futures are 1 to 6 cents higher this morning, with soon to expire July the firmest. Soybeans closed 13 to 14 1/4 cents lower on Friday. Nearby July soybean meal was down $2.20/ton, with soy oil 58 points lower. EPA proposed a biodiesel use of 2.45 billion gallons for 2020, unchanged from 2019. That was disappointing to soy oil, as most of the recent growth in demand for that byproduct has been in fuel use. The latest Export Sales report from USDA showed 867,564 MT of soybeans sold in the week of June 27. That was a 13-week high, thanks to a large sale to China (a weekly total 607,328 MT), and 54.5% larger than the same week last year. New crop sales totaled 161,500 MT. USDA’s Ag attaché in China projects Chinese imports of soybeans in 19/20 will drop to 83 MMT, 4 MMT below the Official USDA number. China is expected to have larger domestic production in 2019 due to a change in price supports to incentivize soybeans vs. corn.

--provided by Brugler Marketing & Management

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