Soybean Market News and Commentary
BRUG - Wed Dec 11, 7:20AM CST

Front month bean futures start off the Wednesday session with 1/2 to 2 cent losses. They closed 2 1/4 to 3 cents higher on Tuesday. Soybean meal futures gained 10 cents per ton, while soybean oil futures were up 18 points. Bunge dumped 500 contracts into delivery against December meal overnight, with various non-commercial stoppers. WASDE left US 2019/20 soybean carryout 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 from the previous forecast, now 121.1 MMT. The USDA estimates 2019/20 world bean ending stocks at 96.4 MMT, which is up from last month following a hike in projected Chinese soybean production to 18.1 MMT. China indicated an 11% uptick in area planted vs. 2018. USDA boosted expected Chinese ending stocks by the same 1 MMT. World soybean ending stocks were the lowest since 17/18, pre trade war.

--- provided by Brugler Marketing & Management

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