Brugler Marketing & Management, LLC -

Beans Higher after Weekend

Alan Brugler - Barchart - Mon Aug 10, 4:41PM UTC

Soybeans are trading with 4 1/4 to 6 1/4 cent gains at midday. Meal futures are $2.30 to $3.40 higher. Ahead of Friday’s expiration, there have been 1,122 contracts of August meal delivered against futures. MTD soybean oil deliveries sit at 764 contracts. Bean oil futures are steady to 12 points lower at midday. USDA announced three large new crop bean export sales this morning. Private exporters reported sales of 111,000 MT to unknown, 324,000 MT to China, and another 264,000 MT to China in delayed reporting. The weekly Export Inspections report from USDA showed that 23.4 mbu of soybeans were shipped on the week ending Aug 6. That was up 14% wk/wk but down by 11% from the same week of 19/20. Analysts surveyed ahead of USDA’s reports estimate bean yield will be 51.2 bpa. That would be up 1.4 bpa from the July estimate if realized. That higher yield estimate pushed the average production estimate to 4.26 bbu, which would be up 124.5 mbu. On average, analysts expect USDA to raise 2021 soybean carryout 101 mbu to 526. Carryin for 2020/21 is estimated to fall back 1.6 mbu to 618.4. Trade ideas for USDA crop condition ratings tonight are mostly UNCH to 1 percentage point poorer.

Aug 20 Soybeans are at $8.76 1/2, up 6 1/4 cents,

Sep 20 Soybeans are at $8.71 1/4, up 5 1/2 cents,

Nov 20 Soybeans are at $8.74, up 6 1/2 cents,

Jan 21 Soybeans are at $8.79 3/4, up 5 3/4 cents,

Aug 20 Soybean Meal is at $282.30, up $2.30

Aug 20 Soybean Oil is at $31.35, unch

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