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Soybeans Market Commentary
cmdty Insider - BRUG - Thu Oct 11, 5:20PM CDT

Soybean futures closed with most contracts 6 to 6 1/2 cents in the green, after USDA numbers weren’t as bearish as traders had anticipated. Nearby soy meal was up 80 cents/ton, with soy oil up 8 points. This morning’s Crop Production report indicated 2018 projected US soybean yield @ 53.1 bpa, up 0.3 from the month previous. Harvested acreage was trimmed by 514,000 acres to 88.348 million acres, which left production down 3 mbu from September at 4.69 bbu. Ending stocks were increased by 40 mbu to 885 mbu on the larger carryover from 17/18, still 13 mbu lower than estimates. USDA now sees 18/19 world carryout at 110.04 MMT, 1.78 MMT larger than Sept. Brazil production projections for 18/19 range from 117.05 to 119.428 MMT according to a CONAB report released this morning. USDA is currently at 120.5 MMT. Soybean export sales in the week of 10/4 are estimated at 0.8-1.3 MMT. Soy meal sales are seen at 150,000-450,000 MT, with oil at 5,000-26,000 MT. USDA will report on Friday morning.

NOV 18 Soybeans closed at $8.58 1/4, up 6 cents,

JAN 19 Soybeans closed at $8.72 1/2, up 6 1/2 cents,

MAR 19 Soybeans closed at $8.85, up 6 1/4 cents,

MAY 19 Soybeans closed at $8.98 1/2, up 6 1/2 cents,

OCT 18 Soybean Meal closed at $312.80, up $0.80,

OCT 18 Soybean Oil closed at $28.73, up $0.08

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.

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