Soybeans Gaining Double Digits

Front month bean futures are trading as much as 19 1/4 cents/bu higher in the front months. Yesterday there were 220 deliveries against August beans, which expire tomorrow. MTD soy deliveries are 220 bean contracts, 1,780 meal contracts, and 764 oil contracts. Soymeal futures are trading 3.1% higher at midday. Soy oil futures are giving back 14 to 15 points so far. In a mandatory reporting announcement this morning, USDA reported two large new crop bean sales. China bought 197,000 MT, and 202,000 MT was sold to unknown. From the weekly Export Sales report 570,100 MT of old crop beans were booked. That was above pre-report estimates and up 65% wk/wk. China purchased 73.8% of the total on the week (with 355k reported late). New crop purchases were also above expectations with 2.84 MMT. China booked 1.71 MMT (with 1.17 MMT already known), and 872,500 MT were sold to unknown (with 372k already known). Ahead of the 2020/21 MY, China has forward booked 10.27 MMT of soybeans, the highest forward booking through August 6 since the 13/14 MY. Soymeal export sales were below expectations with 252,366 MT sold on the week ending August 6. That was split 182k for 2019/20 and 70k for NMY. South Korea purchased 28k MT of bean oil on the week, for 2020/21 delivery. The total 48,700 MT sold was the largest bean oil forward sale for any week since September 23 2010.

Aug 20 Soybeans are at $9.09 3/4, up 19 1/4 cents,

Sep 20 Soybeans are at $8.97 3/4, up 17 1/4 cents,

Nov 20 Soybeans are at $9.01 1/2, up 18 1/2 cents,

Jan 21 Soybeans are at $9.06 1/2, up 18 3/4 cents,

Sep 20 Soybean Meal is at $292.70, up $8.50

Sep 20 Soybean Oil is at $31.39, down $0.17

--- provided by Brugler Marketing & Management




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