Beans on the Rally at Midday

Soybeans futures are up near a double digit gain, futures are 9 1/2 to 9 3/4 cents higher at midday. Soybean meal futures are $6.20 higher, with soy oil futures remaining firm to 1 point higher. USDA reported a private export sale of 245,000 MT of soybeans to unknown this morning, with 120,000 MT for 19/20 and 125,000 MT for 20/21. The Export Sales reported showed bookings below trade estimates, with net sales of 683,783 MT through the week ending 11/28. Sales were down 41.1% from last week and broke the 4-week streak of 1+ MMT weekly sales. Meal sales for the same week were at 181,050 MT, with soy oil sales at 10,781 MT. Monthly data from CENSUS revealed that soybean shipments through October were 218.43 mbu, which is 52.82% above Sept, and 8.9% above shipments from a year ago. Soybean meal shipments through October were an all time high for the month, at 1.033 MMT. That is the highest monthly shipments since April of last MY. Bean oil shipments through the month of October, were the highest monthly shipments since May of the 17/18 MY, and were the highest October exports since the 12/13 MY.

JAN 19 Soybeans closed at $8.87 1/2, up 9 1/2 cents,

MAR 19 Soybeans closed at $9.02, up 9 1/2 cents,

MAY 20 Soybeans closed at $9.16 3/4, up 9 3/4 cents,

JUL 20 Soybeans closed at $9.29 3/4, up 9 3/4 cents,

DEC 19 Soybean Meal closed at $300.80, up $6.20,

DEC 19 Soybean Oil closed at $30.28, up $0.01

--- provided by Brugler Marketing & Management




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