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Beans Fading but Still in Black

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Soybean futures are down from the early session highs, but are still 2 1/2 to 6 1/2 cents in the black at midday. They’re not getting much support from product values. Soymeal futures are trading near $389.60 to $392.70/ton at midday, firm to lower. BO futures are down 24 to 30 points so far. The weekly Export Sales report showed 1.388 MMT (50.99 mbu) of soybean sales on the week ending 11/12. That was the smallest total of the marketing year. Meal bookings were reported at 182,074 MT for the week. Soymeal exports were a MY high of 317,739 MT. Accumulated soymeal exports were 1.418 MMT, which is 3% ahead of last year’s pace through the first 7 weeks. Soybean oil bookings were above pre report expectations with 45,132 MT sold on the week ending 11/12.

Jan 21 Soybeans are at $11.80, up 2 1/2 cents,
Mar 21 Soybeans are at $11.79 3/4, up 4 1/4 cents,
May 21 Soybeans are at $11.78, up 5 cents,
Jul 21 Soybeans are at $11.73 3/4, up 6 cents,
Dec 20 Soybean Meal is at $392.70, down $1.00
Dec 20 Soybean Oil is at $38.51, down $0.30

 --- provided by Brugler Marketing & Management

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