Soybeans Higher at Midday

Soybean futures are showing 14 to 17 1/4 cent gains on Thursday. August soybean meal is up $2.80/ton, with soy oil 69 points higher. The USDA reported a private export sale of 135,000 MT of soy meal for 2019/20 to the Philippines via the daily reporting system. This morning’s Export Sales update showed 101,664 MT of old crop bean sales for the week of August 1. This is a 29% decrease from last week and on the lower end of estimates. New crop sales totaled 318,250 MT in that week, again above the week prior despite China not booking any. The report showed total soy meal export sales at 110,798 MT. Soy Oil weekly sales were tallied at 40,674 MT. 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. Brazil soybean production is estimated at 115.072 MMT by CONAB, slightly higher than their previous estimate.

AUG 19 Soybeans are at $8.63, up 14 1/4 cents,

SEP 19 Soybeans are at $8.71 1/4, up 17 1/4 cents,

NOV 19 Soybeans are at $8.83 3/4, up 17 cents,

JAN 20 Soybeans are at $8.97, up 16 3/4 cents,

AUG 19 Soybean Meal is at $295.80, up $2.80,

AUG 19 Soybean Oil is at $28.65, up $0.69




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