AgriCharts Market Commentary

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Bean Prices Higher on Friday but Lower on Week

October 18, 2019

Soybeans futures closed up 2 1/4 to 2 1/2 cents on Friday, but were lower by 2 cents on the week. Soybean meal finished Friday’s session $1.70/ton higher, but still ended the week down by $2.30/ton. Soy oil was 39 points higher by Friday’s close and ended the day with a 3 point gain. As of Tuesday, managed money added 16,502 contracts to a long position, while simultaneously the short position was reduced by 26,026. That brought soybean futures to a net long position of 49,029 contracts, the highest net long position for that group since June 5th 2018. Managed money also reduced their net short position for soy meal for the 4th consecutive week. Soy oil’s trend also continued for the fourth consecutive week, as managed money increased their net long position to 43,457 contracts, the highest fund net long for soy oil since Nov 28th 2017. USDA’s weekly export sales report showed soybean export sales were 13.5% below last week, but were at the top of trade estimates with 1.600 MMT for the week ending 10/10. Soy meal export sales were on the low end of trader expectations with 152,939 MT. Soy oil export sales were reported at 3,952 MT.

NOV 19 Soybeans closed at $9.34, up 2 1/2 cents,

JAN 19 Soybeans closed at $9.47 1/2, up 2 1/4 cents,

MAR 20 Soybeans closed at $9.59 1/4, up 2 1/4 cents,

MAY 20 Soybeans closed at $9.67 1/2, up 2 1/4 cents,

DEC 19 Soybean Meal closed at $308.50, up $1.70,

DEC 19 Soybean Oil closed at $30.36, down $0.03

-- provided by Brugler Marketing & Management

Bean Prices Responding to Export Sales Report

October 18, 2019

Soybeans futures are up 5 3/4 to 6 cents at Friday’s midday. Preliminary open interest rose 14,134 contracts on Thursday, some net new buying. There is follow up today. Soybean meal is up $2.37/ton higher, and soy oil is up 13 points. USDA’s weekly export sales report showed soybean export sales were 13.5% below last week, but were at the top of trade estimates with 1.600 MMT for the week ending 10/10. Soy meal export sales were on the low end of trader expectations with 152,939 MT. Soy oil export sales were reported at 3,952 MT.

NOV 19 Soybeans are at $9.37 1/4, up 5 3/4 cents,

JAN 19 Soybeans are at $9.51, up 5 3/4 cents,

MAR 20 Soybeans are at $9.63, up 6 cents,

MAY 20 Soybeans are at $9.70 3/4, up 5 1/2 cents,

DEC 19 Soybean Meal is at $309.50, up $2.70,

DEC 19 Soybean Oil is at $30.52, up $0.13

-- provided by Brugler Marketing & Management

Soybean Market Extends Thursday Gain Overnight

October 18, 2019

Soybeans futures begin Friday’s session with contracts mostly 2 cents per bushel higher. They were up 2 1/2 to 3 1/2 cents on Thursday. Preliminary open interest rose 14,134 contracts. Soybean meal finished $2.00/ton higher, while soy oil dropped 1 point. Cargill announced a 225 million dollar expansion in Sidney Ohio, with the investment in soybean crush and soy oil refineries for the plant. Trade estimates ahead of this morning’s USDA export sales report range from 900k-1.06 MMT for beans; a substantial decrease from last week’s sales of 2.092 MMT. Traders are also anticipating the report to show up to 400,000 MT (150k-400k) for soy meal; last week export sales were 364,722 MT. Soy oil is expected to see 0-25,000 MT of export sales this afternoon, as compared to the 1,150 MT of export sales last week.

-- provided by Brugler Marketing & Management

Soybean Market Finishes Thursday Higher

October 17, 2019

Soybeans futures saw 2 1/2 to 3 1/2 cent increases on Thursday. Soybean meal finished $2.00/ton higher, while soy oil remained fairly steady dropping 1 point. Weekly Export Sales data will be pushed back until Friday due to Monday's Holiday. Cargill announced a 225 million dollar expansion in Sidney Ohio, with the investment in soybean crush and soy oil refineries for the plant. Trade estimates, ahead of tomorrow’s delayed release of USDA export sales report, range 900k-1.06 MMT for beans; a substantial decrease from last week’s sales of 2.092 MMT. Traders are also anticipating the report to show up to 400,000 MT (150k-400k) for soy meal, last week export sales were 364,722 MT. Soy oil is expected to see 0-25,000 MT of export sales this afternoon, as compared to the 1,150 MT of export sales last week..

NOV 19 Soybeans closed at $9.31 1/2, up 3 1/2 cents,

JAN 19 Soybeans closed at $9.45 1/4, up 3 cents,

MAR 20 Soybeans closed at $9.57, up 2 1/2,

MAY 20 Soybeans closed at $9.65 1/4, up 2 cents,

DEC 19 Soybean Meal closed at $306.80, up $2.00,

DEC 19 Soybean Oil closed at $30.39, down $0.01

-- provided by Brugler Marketing & Management

Soybean Market 3 to 4 Cents Higher

October 17, 2019

Soybeans futures are up 3 to 4 1/2 cents in most contract on Thursday. Soybean meal is us $2.30/ton, while soy oil is 3 points higher. Weekly Export Sales data will be pushed back until Friday due to Monday's Holiday. Cargill announced a 225 million dollar expansion in Sidney Ohio, with the investment in soybean crush and soy oil refineries for the plant. Trade estimates ahead of Frdays USDA export sales report are 900k-1.06 MMT for beans, which is a substantial decrease from last week’s sales of 2.092 MMT. Traders are also anticipating the report to show up to 400,000 MT (150k-400k) for soy meal, last week export sales were 364,722 MT. Soy oil is expected to see 0-25,000 MT of export sales this afternoon, as compared to the 1,150 MT of export sales last week..

NOV 19 Soybeans are at $9.32 1/2, up 4 1/2 cents,

JAN 19 Soybeans are at $9.46 1/4, up 4 cents,

MAR 20 Soybeans are at $9.58 1/4, up 3 3/4 cents,

MAY 20 Soybeans are at $9.66 3/4, up 3 1/2 cents,

DEC 19 Soybean Meal is at $307.10, up $2.30,

DEC 19 Soybean Oil is at $30.43, up $0.03

-- 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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com