Soybeans Futures Market News and Commentary
Soybean futures closed the midweek session up by 21 1/2 to 30 1/2 of the 60 cent limit. Bean futures did close off their midday highs, which for Nov was $10.34 3/4 per bushel. Soy products borrowed strength from the beans and also closed the day in the black. Meal futures closed $10.50 to $12.40/ton higher, and bean oil futures rallied 44 to 50 points. CME reported 54 meal deliveries against October futures on 9/29. There were no soy oil deliveries issued against October. USDA’s mandatory reporting system announced a 215k MT sale of soybeans to unknown. Soybean stocks were reported at 523 mbu on September 1. That is down 386 mbu yr/yr and well below the estimated 578 from the trade. September bean stocks in Illinois were 64.7% lower yr/yr with 66 mbu on hand at the beginning of the month. Iowa soybean stocks were 36% lower yr/yr. NASS revised the 2019 bean crop 333,000 bushels lower to 3.552 bbu.
Nov 20 Soybeans closed at $10.23 1/2, up 30 1/2 cents,
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