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Soybeans Gaining ahead of Weekend

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Midday bean trading has futures 3 to 5 3/4 cents higher so far. August soybeans are the strongest so far. Meal futures are 10 to 70 cents lower following the $3.00 gain on Thursday. Soy oil futures are up another 54 points. Today is First Notice day for Aug soy futures. The national average bean basis from cmdtyView weakened another 2 cents on Friday to -0.48 Sept. That compares to -0.63 from July 2019. USDA announced another large export sale of soymeal to Philippines, with 222,000 MT sold for 2020/21 delivery. Ahead of next Monday’s Fast & Oils report, analysts expect June soybean crush to be tallied at 177.8 mbu. That would be more than 8.3 mbu larger yr/yr if realized. Soy oil stocks are estimated at 2.336 billion lbs. USDA’s weekly Export Sales report showed bean sales from the week ending July 23 at 257,828 MT. New crop soybean sales a huge 3.344 MMT sold on the week. Total (both crop years) soybean sales of 3.6 MMT on the week were the largest single weekly sale since Feb 2012.

Aug 20 Soybeans are at $8.97 1/2, up 5 3/4 cents,

Sep 20 Soybeans are at $8.90 1/2, up 3 3/4 cents,

Nov 20 Soybeans are at $8.91 3/4, up 3 1/2 cents,

Jan 21 Soybeans are at $8.97 1/4, up 3 1/2 cents,

Aug 20 Soybean Meal is at $289.70, down $0.10

Aug 20 Soybean Oil is at $30.52, up $0.54

--- provided by Brugler Marketing & Management

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