Soybean Futures Continued the Rally, Albeit Slower
BRUG - Tue Dec 10, 4:07PM CST

Front month bean futures closed the report day with 2 1/4 to 3 cent gains. Jan Futures have shown a green candle for the 6th straight day. Soybean meal futures gained 10 cents per ton, while soybean oil futures were up 18 points. WASDE reported 19/20 carryout was UNCH at 475 mbu. USDA did reduce the expected cash average price for this year to $8.85 from $9.00. As for the world bean numbers, Brazil production was also firm, forecasted again at a record 123 MMT. Soybean production from CONAB was up ~200,000 mo/mo, AT 121.1 MMT. Argentina was UNCH from November’s estimate at 53 MMT. The USDA estimates 2019/20 world bean ending stocks at 96.4 MMT, which is up from last month. China’s National Bureau of Labor Statistics reported soybean production at 18.1 MMT, following a reported 11% uptick in area planted. USDA adopted that increase, and boosted expected Chinese ending stocks by the same 1 MMT. World soybean ending stocks were the lowest since 17/18, pre trade war.

Jan 20 Soybeans closed at $9.00 1/4, up 3 cents,

Mar 20 Soybeans closed at $9.14 3/4, up 3 cents,

May 20 Soybeans closed at $9.28 1/4, up 2 3/4 cents,

Jul 20 Soybeans closed at $9.41, up 2 1/4 cents,

Dec 19 Soybean Meal closed at $296.80, up $0.10

Dec 19 Soybean Oil closed at $31.48, up $0.12

--- provided by Brugler Marketing & Management

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