Soybeans Feeling Pressure from Corn
BRUG - Mon Aug 12, 12:28PM CDT

Soybean futures are down 12 to 14 1/4 cents in the front months on Monday. Some pressure is being felt from limit losses in corn, as USDA’s soybean data was mostly friendly. August soybean meal is down $4.10/ton, with soy oil 15 points lower. The NASS resurvey of producers shows planted soybeans acreage at 76.7 million acres, down 3.3 mac from the June survey. FSA data also shows producers enrolling in 4.351 million acres for soybean prevent plant as of August 1. USDA left projected yield unch from July at 48.5 bpa, taking production to 3.68 bbu (-165 mbu) on the smaller acreage. For old crop, WOAB raised ending stocks for the US by 20 mbu to 1.07 bbu, with new crop down 40 mbu to 755 mbu. World soybean carryout was up 1.55 to 114.53 MMT for old crop, with new crop down 2.79 to 101.74 MMT. The weekly Export inspections report indicated that 944,238 MT of soybeans were shipped during the week of 8/8, with 468,230 MT headed to China. Total shipments were down from last week but 62.36% larger than last year at this time.

AUG 19 Soybeans are at $8.60, down 13 3/4 cents,

SEP 19 Soybeans are at $8.65 1/4, down 13 3/4 cents,

NOV 19 Soybeans are at $8.77 1/2, down 14 1/4 cents,

JAN 20 Soybeans are at $8.91, down 13 3/4 cents,

AUG 19 Soybean Meal is at $292.60, down $4.10,

AUG 19 Soybean Oil is at $29.36, down $0.15

--provided by Brugler Marketing & Management




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