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BO Leads Wednesday Soy Rally

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Soybeans gained 1.55% to 1.99% on the day closing with double digit gains. Soymeal was up 1.93% to 2.07% on the day with $6+ gains. Bean oil futures closed 69 to 86 points higher, leading the complex with 2.02% to 2.52% gains. Malaysian palm oil prices for November futures was up 48 ringgits to 2,969 – a life of contract high. Canola oil futures posted life of contract highs on the ICE Exchange as well, with Nov up 1.79% to 530.2 CDN$/MT. Canadian canola harvest was reported at 54% complete, down 15 percentage points from the 3-yr average. USDA announced another flash sale this morning for 327,000 MT of new crop beans to China. The cmdtyView national average yield forecast has declined to 50.50 bpa, with the production estimate at 4.191 billion bushels. Brazil has imported 400k MT of beans in 2020 from Jan to July. Brazil’s domestic bean markets are facing a shortage as the nation saw record exports from Jan through July. Estimates ahead of the weekly Export Sales report have US bean bookings from 1.5 to 2.8 MMT from the week ending 9/10. Meal and oil sales are estimated 225k to 550k MT and 0-40k MT respectively.

Nov 20 Soybeans closed at $10.11 1/4, up 19 3/4 cents,

Jan 21 Soybeans closed at $10.15 1/4, up 19 1/2 cents,

Mar 21 Soybeans closed at $10.14 1/4, up 18 1/4 cents,

May 21 Soybeans closed at $10.14 1/4, up 16 1/4 cents,

Oct 20 Soybean Meal closed at $320.80, up $6.50

Oct 20 Soybean Oil closed at $34.94, up $0.86

--- provided by Brugler Marketing & Management

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