Soybean Meal Futures Market News and Commentary
Soybean futures dropped double digits out of the weekend, falling by 12 3/4 to 14 1/2 cents on Veterans Day. Soybean meal is $4.30/ton lower at the start of the week. Bean oil stayed 8 points lower on Monday. Trade ideas for US harvest progress are in the 84-85% range for Tuesday’s weekly report. The Black Sea UkrAgroConsult, projects the Russian 2019/20 soybean production to be 4.3 MMT, and revised the Ukraine 100,000 MT higher to 3.7 MMT. EU imports of soybean meal are up 15% over last MY. The soybean meal is typically shipped to Spain to be converted into livestock feed; 45% hog feed, 31% poultry and 24% beef. US ending stocks from the WASDE were projected at 475 bbu. World bean carryout was bumped up to 95.42 MMT.
NOV 19 Soybeans closed at $9.05, down 14 1/2 cents,
JAN 19 Soybeans closed at $9.17, down 14 cents,
MAR 20 Soybeans closed at $9.30 1/2, down 13 1/2 cents,
MAY 20 Soybeans closed at $9.42 3/4, down 12 3/4 cents,... Read more