Beans are Lower at Midday

Soybean futures are 3 3/4 to 5 1/2 cents lower on Cyber Monday. Preliminary open interest rose 11,079 contracts Friday on net new selling interest. Soybean meal is up $1.20/ton, and bean oil is down 46 points. Bunge hit the soy oil market with big deliveries (1,270 contracts) over the weekend. JPM clients were the biggest stoppers. The USDA’s weekly export inspections showed that, for the week ending 11/28, there were 1.548 MMT of beans shipped. Last week was 1.952 MMT, and the same week last year saw only 1.046 MMT shipped. The accumulated shipments were updated to 15.942 MMT as compared to the same point last year when we had shipped 13.258 MMT. The USDA report showed that of the weekly shipments, 1.090 MMT (70.46%) were destined for China. The accumulated data from the EU regarding soybean imports has been updated to 5.1 MMT through Dec 1st, that is a 1% increase over last year. The monthly oilseed crush report will be released by USDA this afternoon, with the average trade expectation at 186.1 mbu. If realized, that would be an all time monthly record crush use.

JAN 19 Soybeans are at $8.71 1/4, down 5 1/2 cents,

MAR 19 Soybeans are at $8.86 1/4, down 5 cents,

MAY 20 Soybeans are at $9.01 1/4, down 4 1/2 cents,

JUL 20 Soybeans are at $9.14 1/2, down 3 3/4 cents,

DEC 19 Soybean Meal is at $292.10, up $1.20,

DEC 19 Soybean Oil is at $29.96, down $0.46

--- provided by Brugler Marketing & Management

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