Soybeans Bounced Upwards

Wednesday soybean futures were up by as much as 7 cents at the close. The national soybean basis from cmdtyView is at -0.5828 today, last Wednesday the basis was at -0.6009 cents per bushel. December 2018 national soybean basis averaged -.8032. Soybean meal futures closed $2.10 higher, with soy oil futures closing 28 points higher. USDA reported a private export sale of 20,000 MT of soybean oil to Morocco for 19/20 this morning. Traders are looking for the Stats Canada report on Friday to show Canadian canola production of 19.6 MMT, up from 19.36 MMT in September. The average trade estimate for Brazil’s 19/20 soybean crop is 122.7 MMT, which would be a 6.7% hike from the government’s last update. Trader estimates for Soybean export sales range from 700,000-1.3 MMT, meal is anticipated to range from 100-300,000 MT, and oil is seen from 5-25 thousand.

JAN 19 Soybeans closed at $8.78, up 7 cents,

MAR 19 Soybeans closed at $8.92 1/2, up 7 cents,

MAY 20 Soybeans closed at $9.07, up 6 1/4 cents,

JUL 20 Soybeans closed at $9.20, up 6 cents,

DEC 19 Soybean Meal closed at $294.60, up $2.10,

DEC 19 Soybean Oil closed at $30.27, up $0.28

--- provided by Brugler Marketing & Management




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