Soybeans approach Double Digit Moves

Soybean futures ended the mid-week session lower by 8 1/4 to 9 3/4 cents. Soymeal futures were down by $2.30/ton, while soy oil futures finished with a 23-point loss on the day. China purchased 585,000 MT of soybeans for 19/20 MY delivery, which was reported as the largest single daily booking since April. Another private export sale was reported this morning, the second one of 140,000 MT of soybeans for unknown destinations and also for 19/20 MY delivery. Expectations ahead of the USDA’s weekly export sales update range from 500k-1.1 MMT for soybeans, traders also anticipate tomorrows report to show 125-300k MT for soybean meal, with an estimated 8k-30k MT of soybean oil bookings through the week ending 12/05. The December update to the USDA’s prevent plant was 4.461 million acres. The USDA estimated 2019/20 world bean ending stocks at 96.4 MMT, which is up from last month following a hike in projected Chinese soybean production to 18.1 MMT. China indicated an 11% uptick in area planted vs. 2018. USDA boosted expected Chinese ending stocks by the same 1 MMT.

Jan 20 Soybeans are at $8.92 1/4, down 9 cents,

Mar 20 Soybeans are at $9.06 1/2, down 9 cents,

May 20 Soybeans are at $9.20 1/4, down 8 3/4 cents,

Jul 20 Soybeans are at $9.33 3/4, down 8 1/4 cents,

Dec 19 Soybean Meal is at $294.60, down $2.30

Dec 19 Soybean Oil is at $31.24, down $0.23

--- provided by Brugler Marketing & Management

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