Soybeans Market Commentary

Soybean futures are posting sharp 32 to 35 cent losses in most contracts on Friday. The USDA numbers were not bull friendly. Nearby soy meal is down $7.6/ton, with soy oil 19 points lower. The USDA reported a private export sale of 210,000 MT of soybeans to unknown destinations, split between 17/18 (80,000 MT) and 18/19 (130,000 MT) delivery. That was ignored. NASS indicated a national average soybean yield at 51.6 bpa based on producer surveys in this morning’s Crop Production report. That exceeded expectations, with production seen at a record 4.586 bbu, 276 mbu higher than the July number. New crop US ending stocks were seen at a huge 785 mbu, up 205 mbu, with old crop carryout 35 mbu lower at 430 mbu. World old crop ending stocks were tightened to 95.61 MMT. New crop carryout was updated to 105.94 MMT for the world number, a bearish 7.67 MMT increase assisted by the US crop number.

Aug 18 Soybeans are at $8.55 1/2, down 32 1/4 cents,

Sep 18 Soybeans are at $8.58, down 35 cents,

Nov 18 Soybeans are at $8.68 3/4, down 35 1/4 cents,

Jan 19 Soybeans are at $8.80 3/4, down 34 3/4 cents,

Aug 18 Soybean Meal is at $326.40, down $7.60

Aug 18 Soybean Oil is at $28.23, down $0.19




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