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

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.