Soybeans Post Gains to Start the Week

Soybeans futures charged out of the weekend to finish Monday 4 to 4 1/2 cents higher, riding the winter weather rally. Parts of the Dakotas saw up to 2 feet of snow in last week’s storm. Soybean meal lost $0.90/ton, while soy oil closed Monday up 7 points. Traders are expecting Tuesday’s Crop Progress report to show soybean harvest as of 10/14 at 25-26%, which would be 11% behind last year and 23% behind the average. A Reuters survey suggests September NOPA crush will be around 162 million bushels. It should be down from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest. Brazilian planting is 9.5% completed vs. the 5 year average of 12.4%, according to a firm called ARC Mercosul quoted on Eikon.

NOV 19 Soybeans closed at $9.40 1/2, up 4 1/2 cents,

JAN 19 Soybeans closed at $9.55, up 4 1/2 cents,

MAR 20 Soybeans closed at $9.65, up 4 cents,

MAY 20 Soybeans closed at $9.72 1/4, up 3 3/4 cents,

OCT 19 Soybean Meal closed at $306.00, down $0.90,

OCT 19 Soybean Oil closed at $29.90, up $0.07

-- provided by Brugler Marketing & Management

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