Soybean Futures Post Wednesday Losses

Nearby soybean futures closed Wednesday lower by as much as 6 3/4 cents. Soybean meal also finished lower on the day, by $3.80/ton. Soybean oil,on the other hand, did gain 18 points on Wednesday. Soybean basis was -0.6242 for the last week of October after climbing steadily through the month, but through the first week of November the basis has dropped to average -0.70 so far. Last year the average through the first week of November was -1.02. Trade estimates for soybean export sales for the week ending on 10/31 range from 600,000 – 1.2 MMT. Soybean meal is expected to see export sales between 150,000 - 300,000 MT for the same week. Traders are anticipating tomorrow’s USDA weekly report to indicate soybean oil export sales from 5,000-25,000 MT.

NOV 19 Soybeans closed at $9.15, down 6 3/4 cents,

JAN 19 Soybeans closed at $9.27 1/2, down 6 3/4 cents,

MAR 20 Soybeans closed at $9.40 3/4, down 6 1/2 cents,

MAY 20 Soybeans closed at $9.52 3/4, down 6 1/4 cents,

DEC 19 Soybean Meal closed at $298.90, down $3.80,

DEC 19 Soybean Oil closed at $31.75, up $0.18

-- provided by Brugler Marketing & Management

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