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Soybeans Attempt Turnaround Tuesday

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Soybeans are higher by 1 to 1 1/4 cents so far, pulling meal up to a $1.20/ton gain. So far bean oil futures are also up, by 16 points. The CAIR Fats and Oils monthly report showed that October bean usage was 187.165 mbu. That was the highest oilseed crush for a single month going back to May of 2015. Crude bean oil on hand was up 71.360 million lbs. from September. Brazil’s official export data for November showed that the country exported 5.158 MMT through the month. That about matches (-700 MT) their October shipments, but is 7.06% ahead of Nov 2018. Soy meal was shown 0.22 MMT lower than their October shipments. Analysts polled believe that Brazil’s soybean crop size will be revised up, the average expectation for the 19/20 crop is 122.7 MMT which would be a 6.7% hike from the government’s last update. American bean harvest progressed to 96% completed. The Commitment of Traders report on Monday revealed that managed money spec funds were now net short in soybeans.

JAN 19 Soybeans closed at $8.71 3/4, up 1 1/4 cents,

MAR 19 Soybeans closed at $8.86 1/4, up 1 cent,

MAY 20 Soybeans closed at $9.01 1/2, up 1 1/4 cents,

JUL 20 Soybeans closed at $9.14 3/4, up 1 1/4 cents,

DEC 19 Soybean Meal closed at $292.50, up $1.20,

DEC 19 Soybean Oil closed at $30.12, up $0.16

--- provided by Brugler Marketing & Management

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