Soybeans A Penny Either Side of Unchanged

Soybean futures are trading a penny lower to a penny higher this morning after prices dropped double digits yesterday, falling 12 3/4 to 14 1/2 cents. Net new selling was noted, with preliminary open interest up 7,374 contracts Soybean meal is $4.30/ton lower at the start of the week. Bean oil stayed 8 points lower on Monday. There were 233 deliveries against November bean futures overnight, with 5 different stoppers. November soybean futures will expire on Thursday. Trade ideas for US harvest progress are in the 84-85% range for the weekly report. UkrAgroConsult projects the Russian 2019/20 soybean production to be 4.3 MMT and revised the Ukraine 100,000 MT higher to 3.7 MMT. China has been trying to buy some of those beans as part of their supplier diversification plan. EU imports of soybean meal are up 15% over last MY. The soybean meal is typically shipped to Spain to be converted into livestock feed; 45% hog feed, 31% poultry and 24% beef.

--- provided by Brugler Marketing & Management

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