Beans Make Midday Gains

Soybeans are up again on Friday, the nearby futures are 5 1/4 to 5 3/4 cents higher so far. Soybean meal futures is $1.90/ton lower. Soy oil futures are up by 65 points at midday. China has issued tariff exemptions on American soybeans. Previously Chinese importers who applied for tariff exemptions were required to pay the tariff before receiving reimbursement, and this new announcement will remove that step. The announcement left out concrete numbers, leaving confusion on market implications, with the consensus being it was intended as a good faith move ahead of Dec 15th scheduled US tariff hikes. Census October soybean exports were 218.43 mbu, soybean meal shipments in October were an all time high for the month, at 1.033 MMT. The Export Sales reported showed bookings at 683,783 MT through the week ending 11/28. The latest data pushed the accumulated shipments to China up to 6.581 MMT.

JAN 19 Soybeans closed at $8.90, up 5 3/4 cents,

MAR 19 Soybeans closed at $9.04, up 5 1/4 cents,

MAY 20 Soybeans closed at $9.18 3/4, up 5 1/4 cents,

JUL 20 Soybeans closed at $9.32 1/2, up 5 3/4 cents,

DEC 19 Soybean Meal closed at $297.60, down $1.90,

DEC 19 Soybean Oil closed at $30.94, up $0.65

--- provided by Brugler Marketing & Management




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