Soybeans Steady to a Penny Lower
BRUG - Tue Nov 26, 7:24AM CST

Soybeans are UNCH to 1 cent per bushel lower this morning. Futures finished on Monday with losses of 3 3/4 cents to 4 1/2. Soybean meal closed $0.70/ton lower, while bean oil was 44 points lower. Soybean harvest progressed 3 percentage points in the USDA’s weekly Crop Progress Report. The 94% completion was even with last year’s pace, but still lags slightly behind the average. Export inspections were the best of the marketing year at 1.943 MMT shipped for the week ending 11/21. The marketing year total is 14.383 MMT which is 2.171 MMT above last year’s pace. China accounted for 69.49% (1.35 MMT). AgRural updated their Brazilian bean forecast to be a record 120.7 MMT for 19/20. After months of ASF, we are starting to get a sense of the effects on the soybean market, reports are stating Chinese accumulated imports of soybeans are much lower than last year, with American soybeans 31.8% lower and Brazilian beans 13.5% below last year’s pace.

-- provided by Brugler Marketing & Management

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