Beans Stumble out of Weekend

Soybean futures are quite a bit lower after the weekend, dropping 12 1/2 to 13 1/2 cents at midday. Soybean meal is $4.10/ton lower to start the week. Bean oil is also lower, dropping 8 points at midday. Trade ideas for US harvest progress are in the 84-85% range for Tuesday’s weekly report. The NASS Crop Production report left the 2019 bean yield projection at 46.9 bpa and producers remained more optimistic than expected about harvesting acreage hit by snow in October. The USDA left production at 3.550 billion bushels. US ending stocks were projected at 475 bbu. World bean carryout was bumped up to 95.42 MMT. The Commitment of Traders report Friday afternoon showed that managed money’s net long position for soybean futures shrank by 19.2% in the week ending 11/5.

NOV 19 Soybeans are at $9.06, down 13 1/2 cents,

JAN 19 Soybeans are at $9.17 3/4, down 13 1/4 cents,

MAR 20 Soybeans are at $9.31 1/2, down 12 1/2 cents,

MAY 20 Soybeans are at $9.43, down 12 1/2 cents,

DEC 19 Soybean Meal is at $300.80, down $4.10,

DEC 19 Soybean Oil is at $31.42, down $0.08

--- provided by Brugler Marketing & Management

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