Soybean Market News and Commentary

Soybean futures are mostly 4 to 5 cents higher this morning. They posted losses of 10 to 13 cents on Thursday, driven by a disappointing Export Sales report. Meal futures were down $4.60/ton in the nearby contract, with soy oil 10 points lower. The Export Sales report indicated net reductions of 612,014 MT during the week of January 3. That was mainly due to net cancellations of 807,000 MT for China. The November 2019 contract’s average close in the first 13 days of February is $9.56 3/4. The full month average will be used to calculate the Spring Crop Insurance pricing for this year’s crop, compared to $10.16 last Spring. US acreage estimates from IEG Vantage were trimmed by 160,000 acres to 86.044 million. The Rosario Gran Exchange raised their 18/19 Argentine soybean output estimate by 2 MMT to 52 MMT.

--provided by Brugler Marketing & Management

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