Soybean futures are trading 18 to 20 cents higher in the front months. Nearby soy meal is up $8.90/ton, with soy oil 22 points higher. Soybean export inspections in the week that ended on 10/11 were tallied at 1.158 MMT. That was more than double the week prior but down 35.18% from the same week in 2017. There were 2 separate cargos totaling 134,729 MT that were headed to China. This morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That exceeded expectations and was 17.86% larger than last year. Soy oil stocks were shown at 1.531 billion pounds at the end of September, below estimates and 5.68% lower than August. Trade ideas for tonight’s USDA report put soybean harvest at 38-39% completed. The average for this date is 53%, but little was done in the western Corn Belt last week due to rain and snow.
Nov 18 Soybeans are at $8.87 1/2, up 20 cents,
Jan 19 Soybeans are at $9.01 1/2, up 19 3/4 cents,
Mar 19 Soybeans are at $9.13 1/2, up 19 cents,
May 19 Soybeans are at $9.26 1/2, up 18 3/4 cents,
Dec 18 Soybean Meal is at $325.80, up $8.90
Dec 18 Soybean Oil is at $29.61, up $0.22
--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.