Black Friday Discounts for Soybeans

Friday soybean futures are lower by as much as 2 3/4 cents at midday. Soybean meal is trading $2.30 /ton lower, and bean oil is making a 24 point rally at midday. Soybean export sales from this morning’s report exceeded trader expectations, with 1.664 MT sold the week ending 11/21. Those sales were 14.1% above last week, and pushed the MY accumulated commitments (shipped and unshipped sales) up to 25.260 MMT, which was a 9.5% ahead of last year’s pace. The accumulated shipments for soybeans through the first 12 weeks are at 14.490 MMT, 7.42% behind the 10 year average for week 12 but a 23.5% improvement over last year. The weekly soybean shipments, according to the report, were at 2.245 MMT , which is the highest for a week since early November 2017. Meal sales were below expectations this morning, with a mere 93,165 MT sold for the week ending 11/21, which was the lowest weekly sales since the summer slump. Soybean oil had 14,865 MT of sales through the week ending 11/21. There were 319 delivery notices against December soybean meal, with most stopped by a JPM client. The monthly oilseed crush report will be released on Monday, with expectations ranging from at 186.1 mbu; if realized, that would be an all time monthly record.

JAN 19 Soybeans are at $8.79 1/4, down 2 3/4 cents,

MAR 19 Soybeans are at $8.93 3/4, down 2 3/4 cents,

MAY 20 Soybeans are at $9.08 1/4, down 2 1/2 cents,

JUL 20 Soybeans are at $9.20 3/4, down 2 1/2 cents,

DEC 19 Soybean Meal is at $291.50, down $2.30,

DEC 19 Soybean Oil is at $30.61, up $0.24

--- provided by Brugler Marketing & Management

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