Soy Market Gains on Wednesday

At the closing bell on report day, the soy market was in the black. Beans gained double digits in old crop, and new crop futures were 7 to 9 1/2 cents stronger. Bean oil led the complex with 3.03% to 3.18% gains. Meal futures were 10 to 20 cents higher in the front months. USDA announced the sale of 258,000 MT of new crop soybeans to China, along with 120k MT of new crop beans to unknown destinations. Analysts expect between 100,000 and 550,000 MT of old crop beans were sold on the week ending Aug 6. Those need to be shipped by August 31. New crop export sales are estimated between 1.1 and 1.8 MMT. The first data driven yield forecast from USDA is 53.3 bpa. That was up 3.5 bpa from the July trend yield forecast. Soybean production was increased 290 mbu to 4.425 bbu. Carryin, at 615 mbu, was lowered 5 mbu from July on a higher crush estimate. New crop ending stocks are forecasted at 610 mbu. USDA foresees the 2020/21 average cash bean price at $8.35/bu – down by 15 cents from last month. NMY’s meal cash price is $290/ton, and oil was upped a penny to 30 cents/lb. Soybean PP acres reported by FSA were 1.22 million, led by ND with a state record 511k.

Aug 20 Soybeans closed at $8.90 1/2, up 12 1/2 cents,

Sep 20 Soybeans closed at $8.80 1/2, up 10 cents,

Nov 20 Soybeans closed at $8.83, up 9 1/2 cents,

Jan 21 Soybeans closed at $8.87 3/4, up 8 3/4 cents,

Sep 20 Soybean Meal closed at $284.20, up $0.10

Sep 20 Soybean Oil closed at $31.56, up $0.94

--- provided by Brugler Marketing & Management

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