Soybean Meal Pulling Futures Higher

Soybeans are on the rally for Thursday’s midday, nearby futures are up by 7 3/4 to 9 1/4 cents. Soybean meal is up by $5.80/ton, earlier this morning the USDA reported a private export sale to the Philippines of 133,000 MT of soybean meal for 19/20 delivery. Soybean oil is 18 points lower at midday. There were zero delivery notices against November futures overnight, as the commercial stopper is in fact sitting on them. The USDA reported a private export sale this morning; China purchased 136,000 MT of beans for 19/20 delivery. Weekly soybean export sales this morning were above traders’ expectations, listed at 1.807 MMT for the week ending 10/31, traders anticipated as much as 1.2 MMT. The sales were 91.5% higher than the depressed previous week, and 41% above the previous 4 week average. The export sales report stated that 1.559 MMT of beans were shipped through the same week, with was 9.5% below the week prior. Of the shipments 821,268 MT (52.66%) were destined for China. The PRC also purchased 956,268 MT of net new sales through the week. Soybean meal was expected to see export sales ranging 150,000 - 300,000 MT in the report, which stated 262,418 MT were in fact sold for the week ending 10/31. Soybean oil export sales were less than estimates, with 3,812 MT for the week ending 10/31.

Nov 19 Soybeans are at $9.23 3/4, up 8 3/4 cents,

Jan 20 Soybeans are at $9.36 3/4, up 9 1/4 cents,

Mar 20 Soybeans are at $9.49, up 8 1/4 cents,

May 20 Soybeans are at $9.60 1/2, up 7 3/4 cents,

Dec 19 Soybean Meal is at $304.70, up $5.80

Dec 19 Soybean Oil is at $31.57, down $0.18

-- provided by Brugler Marketing & Management

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