Soybeans Steady to 2 Lower After Dime Gain Thursday

Soybean futures start off Friday steady to 2 cents lower. Soybeans were 7 1/2 to 10 cents higher yesterday. Soybean meal gained $6.70/ton and soybean oil lost 32 points on the day. Weekly soybean export sales were above trader expectations at 1.807 MMT for the week ending 10/31. The sales were 91.5% higher than the depressed previous week, and 41% above the previous 4 week average. The export sales report stated that 1.559 MMT of beans were shipped through the same week, with was 9.5% below the week prior. Of the shipments 821,268 MT (52.66%) were destined for China. The PRC also purchased 956,268 MT of net new sales through the week. Weather forecasts are turning wetter for Brazil after November 14, just what a crop in the vegetative growth stage needs. Various surveys put trade ideas for the WASDE report at 46.6 bpa for yield and 452 mbu for 2019/20 US ending stocks.

-- provided by Brugler Marketing & Management

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