Soybean Market 5 to 7 Cents Lower

Soybean futures are 5 to 7 cents lower this morning. They lost as much as 5 1/2 cents in the nearby contracts on Friday, with nearby November down 4 ¾ for the full week. Soybean meal finished Friday $0.70 /ton lower. The NASS Crop Production report left the 2019 bean yield projection at 46.9 bpa and producers remained more optimistic than expected about harvesting acreage hit by snow in October. The USDA left production at 3.550 billion bushels. US ending stocks were raised 15 mbu in the report due to a lower projected crush, and they are now projected at 475 bbu. World bean carryout was above what analysts anticipated, bumped up 2.2 MMT from last month to 95.42 MMT. The Commitment of Traders report Friday afternoon showed that managed money’s net long position for soybean futures shrank by 19.2% in the week ending 11/5. Trade ideas for US harvest progress are in the 84-85% range for Tuesday’s weekly report.

--- provided by Brugler Marketing & Management

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