Soybean futures are adding to Monday’s gains so far on Tuesday, with front months up 3 1/2 cents. Nearby soy meal is down 80 cents/ton, with soy oil 20 points higher. Monday’s USDA Fats and Oils report showed that record 182.95 mbu of soybeans were crushed by US plants during October. That was 4% larger than last year and an 8.1% jump over September. Soybean oil stocks rose 2.6% from the previous month to 2.041 billion pounds at the end of Oct. That was larger than published trade estimates. Brazil’s soybean exports during November totaled 5.072 MMT, according to the country’s Trade Ministry. That was more than double the same month last year but was down 5.27% from October. Celeres estimates Brazil’s 2018/19 soybean crop could hit 130 MMT. That is among the largest projections we have seen so far.
Jan 19 Soybeans are at $9.09 1/4, up 3 1/2 cents, |
Mar 19 Soybeans are at $9.21 1/4, up 3 1/2 cents, |
May 19 Soybeans are at $9.34 1/4, up 3 1/2 cents, |
Jul 19 Soybeans are at $9.46 1/4, up 3 1/2 cents, |
Dec 18 Soybean Meal is at $311.30, down $0.80 |
Dec 18 Soybean Oil is at $28.51, up $0.20 |
--provided by Brugler Marketing & Management
