Soybeans Market Commentary

Soybean futures are currently 1 to 2 cents higher since closing with 3 to 4 3/4 cent losses on Wednesday. Some longs were taking profits ahead of the crop report, with preliminary open interest down 5,027 contracts on Wednesday. Front month soy meal was down $3.40/ton, with soy oil 30 points higher. Trade ideas for the USDA Export Sales report are running 400,000-700,000 MT for the week of 11/1. Soy meal sales are seen at 200,000-450,000 MT, with soy oil at 8,000-30,000 MT. The average trade estimate US soybean ending stocks is up 21 mbu to 906 mbu. Production is expected to be lower, but the surveyed traders estimate USDA will also trim exports due to poor performance in the first two months of the marketing year. World carryout is seen at 110.91 MMT, which would be up 0.87 MMT from October. The USDA Crop Production and WASDE reports are scheduled for 11 AM CST.

--provided by Brugler Marketing & Management

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