Soybeans Close Up Double Digits, With Support from Bean Oil

Soybean futures climbed 15 3/4 to 16 1/4 cents in the front months on Thursday, supported by strength in product values. August soybean meal gained $1.80/ton, with soy oil limit up on the day. Dryness in the Corn Belt also supported the market. 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 closed at $8.65, up 16 1/4 cents,

SEP 19 Soybeans closed at $8.70 1/4, up 16 1/4 cents,

NOV 19 Soybeans closed at $8.83, up 16 1/4 cents,

JAN 20 Soybeans closed at $8.96, up 15 3/4 cents,

AUG 19 Soybean Meal closed at $294.80, up $1.80,

AUG 19 Soybean Oil closed at $28.96, up $1.00

--provided by Brugler Marketing & Management

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