Soybeans Drop After Expectations not Realized
BRUG - Fri Nov 08, 12:06PM CST

Soybean futures are down by as much as 5 1/2 cents for nearby contracts. Soybean meal is lower by $1.40/ton and soybean oil 31 points higher. The Crop Production report by NASS this morning showed that the 2019 bean yield projection remained at 46.9 bpa, whereas most analysts were expecting a small cut. The harvested acreage estimate for 2019/20 beans is 75.626 which is in line with Octobers forecast. The USDA left production at 3.550 billion bushels. US ending stocks were raised 15 mbu in the report (drop in crush), and are now projected at 475 bbu. Traders anticipated tightening stocks to 431. As for the world numbers, world bean carryout was above what analysts anticipated, adjusted up 2.2 MMT from last month to 95.42 MMT. A private export sale of 270,000 MT of soybeans were announced this morning, for unknown destinations and 19/20 MY delivery.

NOV 19 Soybeans are at $9.19 1/2, down 5 1/2 cents,

JAN 19 Soybeans are at $9.33 1/2, down 3 cents,

MAR 20 Soybeans are at $9.46, down 2 3/4 cents,

MAY 20 Soybeans are at $9.57 1/2, down 2 3/4 cents,

DEC 19 Soybean Meal is at $304.20, down $1.40,

DEC 19 Soybean Oil is at $31.74, up $0.31

-- provided by Brugler Marketing & Management




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