Soybean Market 3 to 5 Higher Ahead of Export News

Soybean futures are 3 to 5 cents higher this morning after closing a penny higher in several front months on Wednesday. August soybean meal was down $2.10/ton, with soy oil up 48 points. There were zero deliveries against August BO futures overnight. The deliverable soybeans still haven’t found a home. The trade range of estimates for old crop soybean weekly export sales is 0-300,000 MT, with 100,000-600,000 MT seen for new crop. Soy meal sales are seen at 75,000-325,000 MT, with 5,000-30,000 MT anticipated for soy oil. A Reuters survey shows an average trade guess of 1.065 bbu for old crop soybean carryout ahead of next Monday’s WASDE report, a 15 mbu bump from July. New crop is seen at 821 mbu, which would be 26 mbu larger than the July USDA projection. Per China’s General Administration of Customs, China imported 8.64 MMT of soybeans in July, up from 8.0 MMT a year ago and rebounding from a light 6.51 MMT in June.

--provided by Brugler Marketing & Management

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