Soybeans Edging Higher With Stronger Products

Soybeans are showing slight 1 to 2 cent gains across most front months on Friday. The cmdtyView national average Cash Bean price is 1 1/4 cents higher at $9.37 1/2. Soymeal futures are up 80 cents to $1.10 at midday, with Soy Oil futures 8 to 10 points higher.

USDA’s weekly Export Sales report took the total export commitments to 11.002 MMT as of 9/18, 37% below last year for this week. Compared to the USDA export projection it is 24% complete, vs the 45% average sales pace. Sales outside of China (the entire 11 MMT) are at a 3-year high, with commitments excluding China and unknown destinations the largest since 2018/19 at 7.2 MMT.

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Analysts are looking for NASS to show September 1 soybean stocks at 325 mbu in the Tuesday Grain Stocks report. Analysts surveyed by Bloomberg range from 295 to 366 mbu.

Nov 25 Soybeans  are at $10.13 1/2, up 1 1/4 cents,

Nearby Cash  is at $9.37 1/2, up 1 1/4 cents,

Jan 26 Soybeans  are at $10.32 3/4, up 1 1/2 cents,

Mar 26 Soybeans  are at $10.48 3/4, up 1 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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