Soybeans See Turnaround Tuesday Bounce

Soybean futures closed 9 to 10 1/2 cents higher on Turnaround Tuesday. August soybean meal was up $5.70/ton, with soy oil 47 points lower. The monthly WASDE balance sheet update saw a 20 mbu reduction to the soybean crush estimate for old crop. Besides the smaller production, new crop saw a 100 mbu drop to projected exports at 1.775 bbu, as carryout was still down 40 mbu. On the world side, WAOB cut 2 MMT from China’s projected imports to 83 MMT for 18/19 and 875 MMT for 19/20. State by state conditions ratings in IL (-2), MN(-3), IA (-4), and IN (-6) were all lower. Of the major states, NE (+1) and OH (+5) were higher.

AUG 19 Soybeans closed at $8.72, up 10 1/2 cents,

SEP 19 Soybeans closed at $8.76 1/4, up 9 1/2 cents,

NOV 19 Soybeans closed at $8.89, up 9 3/4 cents,

JAN 20 Soybeans closed at $9.02, up 9 1/4 cents,

AUG 19 Soybean Meal closed at $297.80, up $5.70,

AUG 19 Soybean Oil closed at $29.17, down 47 points,

--provided by Brugler Marketing & Management




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