Soybean Market Rally Continued Overnight

Soybean futures are 5 to 6 cents per bushel higher this morning. They 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 up 100 points. Preliminary open interest shows net new buying of 4,971 contracts in December soy oil. Dryness in the Corn Belt also supported the market. The weekly Export Sales report showed 101,664 MT of old crop bean sales last week, a 29% decrease from the previous week. New crop sales totaled 318,250 MT in the week ending 8/1, above the previous week despite China not booking any. Brazil soybean production is estimated at 115.072 MMT by CONAB, slightly higher than their previous estimate.

--provided by Brugler Marketing & Management




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