Beans Fall Back Close Firm

Front month beans closed fractionally mixed on Tuesday. The 2020 contracts held on to some gains, and in delivery August closed up by 1 1/2 cents. The deferred contracts closed fractionally lower. CmdtyView’s national average soybean cash price is $8.24 today, for a basis of 54 cents under August. In the WCB, cmdtyView data suggest the cash price is 34 cents below the ECB bean price at $8.12 /bu. Meal futures also fell back in the afternoon, closing near the lows down by as much as 30 cents/ton. Bean oil futures ended the Tuesday session 11 to 18 points in the red. USDA announced the sale of 132,000 MT of new crop soybeans to China, this morning. Ahead of USDA’s August reports, traders anticipate a higher bean yield of 51.2 bpa on average. The average pre-report estimate for new crop production is 4.259 bbu. Analysts expect a 101 mbu bump to new crop stocks, with the average of estimates at 526.3 mbu. CONAB lowered their soybean production estimate slightly to 120.883 MMT. USDA’s estimate for Brazil is 126 MMT, but analysts expect a 0.6 MMT cut tomorrow.

Aug 20 Soybeans closed at $8.78, up 1 1/2 cents,

Sep 20 Soybeans closed at $8.70 1/2, up 1/2 cent,

Nov 20 Soybeans closed at $8.73 1/2, up 1/4 cent,

Jan 21 Soybeans closed at $8.79, down 1/4 cent,

Sep 20 Soybean Meal closed at $284.10, down $0.30

Sep 20 Soybean Oil closed at $30.62, down $0.11

--- provided by Brugler Marketing & Management

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