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Beans In Red at Midday

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Friday soybean trading has futures 2 to 9 cents weaker at midday. Soymeal futures are pulling back by $2 to $4.70/ton. BO futures are down 10 to 12 points at midday. The Brazilian Real continues to weaken against the US dollar. USDA’s mandatory reporting system covered two large soybean sales to unknown. The first was for 175k MT, and the other was for 216,150 MT. USDA’s Export Sales report indicated more than expected bean export business with 2.63 MMT sold on the week ending 10/8. China alone purchased 1.593 MMT, but of that 48% was previously announced. Bean shipments of 2.384 MMT brought the MYTD total to 9.018 MMT. That is 81% above last year’s pace and helped push accumulated soybean export commitments to 1.588 bbu. Meal sales were reported at 152k MT. Bean oil bookings were at 1,366 MT, which was on the low end of pre-report expectations. In an official government announcement Brazil has temporarily removed corn and bean tariffs on non-Mercosur nations to facilitate imports. The government began discussing the move in September.

Nov 20 Soybeans are at $10.53 1/4, down 9 cents,

Jan 21 Soybeans are at $10.54, down 8 cents,

Mar 21 Soybeans are at $10.41 1/4, down 4 1/4 cents,

May 21 Soybeans are at $10.36, down 3 1/4 cents,

Dec 20 Soybean Meal is at $367.40, down $4.70

Dec 20 Soybean Oil is at $33.05, down $0.12

--- provided by Brugler Marketing & Management

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