Soybeans Market Commentary

Soybean futures are currently 1 to 2 cents per bushel lower after closing 4 to 5 1/2 cents higher on Thursday. Front month soy meal was down 30 cents/ton, with soy oil up 12 points. Trade estimates are running 400,000-700,000 MT for 18/19 soybean export sales for the week that ended 11/8. Soy meal sales are expected at 100,000-400,000 MT, with soy oil at 5,000-30,000 MT. The monthly NOPA report indicated that its members crushed 172.346 mbu of soybeans during October, exceeding expectations. That all-time record use was 4.93% larger than last year and up 7.19% from September. Soy oil stocks were at 1.502 billion pounds, down 1.88% from last month despite the larger crush.

--provided by Brugler Marketing & Management

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