Soybeans Market Commentary

Soybean futures are currently 1 to 1 1/2 cents higher after ending the Tuesday session with 1 to 2 cent losses in most contracts. Front month soy meal was up 80 cents/ton, with soy oil steady. In Monday afternoon’s Crop Progress report North Carolina was shown as the only one of the 18 reported states ahead of their normal harvest pace. The average trade guess prior to Thursday’s USDA report is for national soybean yield to be trimmed by 0.2 to 52.9 bpa, That, mixed with an estimated slight drop in acreage, brings the average production estimate to 4.676 bbu, down 14 mbu from October. Abiove expects Brazil’s 2018 soybean exports will total 79 MMT, up 2 MMT from their previous estimate.

--provided by Brugler Marketing & Management

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