Soybeans 9 to 10 Cents Higher This Morning

Ahead of the weekly Export Sales report, bean futures are 9 to 10 cents per bushel higher. The soy complex closed in the black following the release of USDA’s bearish monthly reports. The first data driven yield forecast from USDA was a record high 53.3 bpa. Soybean production was increased 290 mbu to 4.425 bbu based on that yield and no change in harvested acres. New crop ending stocks are forecasted at 610 mbu, well above pre-report estimates. USDA foresees the 2020/21 average cash bean price at $8.35/bu – down by 15 cents from last month. Bean oil led the complex with 3.03% to 3.18% gains, old crop soybean futures gained double digits, and meal futures were 10 to 20 cents higher at the close. Preliminary open interest rose 5,726 contracts for the beans. Analysts expect between 100,000 and 550,000 MT of old crop beans were sold for export in 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. Soymeal export sales are estimated 150,000 to 450,000 MT, with an additional 150k to 250k MT for NMY. Soybean PP acres reported by FSA were 1.22 million as of August 1, led by ND with a state record 511k.

--- provided by Brugler Marketing & Management

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