Soybeans Higher Ahead of Thursday’s USDA Update

Soybean futures are up 8 to 9 cents in the front months at midday. Nearby July soybean meal us up 80 cents/ton, with soy oil 13 points lower. US 2019 soybean production is expected to be reduced in Thursday’s USDA balance sheet update, with estimates running 3.866 bbu from Bloomberg survey of analysts (-284 from June). The main reason for that would be the drop to acreage seen in the June 28 report, but yield on average is also seen a dropping 1 bpa to 48.5 bpa. Thursday’s Export Sales report is expected to show 200,000-400,000 MT of 18/19 soybean sales in the week ending on July 4, with 19/20 sales pegged at 50,000-350,000 MT. Meal bookings are expected in the range of 50,000-300,000 MT, with soy oil at 5,000-25,000 MT.

JUL 19 Soybeans are at $8.91 3/4, up 9 cents,

AUG 19 Soybeans are at $8.94, up 8 cents,

SEP 19 Soybeans are at $8.99 3/4, up 8 cents,

NOV 19 Soybeans are at $9.12 1/4, up 8 cents,

JUL 19 Soybean Meal is at $308.70, up $0.80,

JUL 19 Soybean Oil is at $27.75, down $0.13

--provided by Brugler Marketing & Management

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