Soybeans Market Commentary

Soybean futures are 2 to 2 1/4 cents lower at midday, ignoring the expiring September contract. Soybean meal is down $4.60/ton to pressure product values, while soy oil is 1 point lower on the day. President Trump gave the go-ahead to follow through with the tariffs on $200 billion of Chinese goods, according to reports this morning. US soybean commitments for exports, are 30% of the projected 2.06 bbu from the USDA. That is even with this time in 17/18 but well below the 39% average pace for this week. Monday’s NOPA report is expected to seen 163,870 mbu of soybeans crushed during August. Soy oil stocks are seen at 1.762 billion pounds for the end of August. Safras & Mercado analysts estimated that Brazilian producers have sold 22.8% of 18/19 soybean production, well above this time last year.

Sep 18 Soybeans are at $8.22 3/4, down 6 1/4 cents,

Nov 18 Soybeans are at $8.31, down 2 1/4 cents,

Jan 19 Soybeans are at $8.44 3/4, down 2 1/4 cents,

Mar 19 Soybeans are at $8.57 1/2, down 2 1/4 cents,

Sep 18 Soybean Meal is at $311.30, down $4.40

Sep 18 Soybean Oil is at $27.44, down $0.19

Market Commentary provided by:

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