Soybean Market News and Commentary

Soybean futures ended Friday with the nearby contracts steady to 3/4 cents lower. Meal futures were down 30 cents/ton in the nearby contract, with soy oil 2 points higher. After the close, a tweet from Secretary Perdue indicated that China committed to purchase another 10 MMT of soybeans on Friday. Export sales of old crop soybeans in the weeks of Jan 10-Feb 14 were tallied at 6.532 MMT, with a weekly average of 1.089 MMT. That was on the lower end of estimates, but more than double the same six week total in 2018! China purchased a majority of the total at 3.923 MMT, with Egypt buying 602,500 MT. Export commitments for 18/19 have now improved to 17.5% below last year as of 2/14. The Fats & Oils report showing delayed December data indicated that 183.5 mbu of soybeans were crushed in that month. That was a monthly record crush number and 4.1% larger yr/yr. Total oil stocks were seen at 1.601 billion pounds. A preliminary USDA estimate for the 2019/20 soybean S&D table shows ending stocks at 845 mbu, which would be down from the current 910 mbu 18/19 projection.

Mar 19 Soybeans closed at $9.10 1/4, down 3/4 cent,

May 19 Soybeans closed at $9.23 3/4, down 1/2 cent,

Jul 19 Soybeans closed at $9.37 1/4, down 1/4 cent,

Sep 19 Soybeans closed at $9.46, unch,

Mar 19 Soybean Meal closed at $305.60, down $0.30,

Mar 19 Soybean Oil closed at $30.51, up $0.02

--provided by Brugler Marketing & Management




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