Soybeans Pulled Higher by Corn on Tuesday
BRUG - Tue Jun 11, 5:29PM CDT

Soybean futures saw fractional to 2 cent gains in most contracts at Tuesday’s close. Spillover in corn lent a supportive hand. Soymeal was up $1/ton, with bean oil 16 points lower. On Tuesday morning, USDA made a 75 mbu revision to their old crop US carryout at 1.07 bbu, with the increase coming from a reduction to projected exports. That also translated to the same jump in 2019/20 ending stocks at 1.045 bbu, as USDA left the rest of the 19/20 S&D table alone. The WAOB left the Brazil and Argentine production estimates at 117 MMT and 56 MMT respectively, while CONAB estimates released this morning showed Brazil at 114.84 MMT, a 0.54 MMT increase from last month. USDA world soybean ending stocks were trimmed by 0.38 to 112.80 MMT for 18/19, with new crop also down 0.43 to 112.66 MMT.

Jul 19 Soybeans closed at $8.59 1/4, up 3/4 cent,

Aug 19 Soybeans closed at $8.66 1/4, up 1 cent,

Sep 19 Soybeans closed at $8.73 1/4, up 1 cent,

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

Jul 19 Soybean Meal closed at $314.40, up $1.00,

Jul 19 Soybean Oil closed at $27.22, down $0.16

--provided by Brugler Marketing & Management

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