Soybeans Sharply Higher on Chinese Trade Rumors

Soybeans futures are 21 to 24 3/4 cents higher in the front months on Thursday. Rumors show that Chinese importers purchased ~600,000 MT of US soybeans from the PNW this morning. This comes after rumors also showed President Trump was considering an interim deal with China to delay tariffs, though no official announcements have come out. PNW basis has firmed. Soybean meal is up $6.30/ton, with soy oil up 20 points. This morning’s USDA updated showed a 0.6 bpa reduction to soybean yield at 47.9 bpa, with production down 47 mbu to 3.633 bbu as acreage was unch. Old crop carryout was down a sharp 65 mbu to 1.005 bbu on increased demand from crush and exports. New crop stocks were down 115 mbu to 640 mbu. Thanks to reductions from the US, old crop world ending stocks were down 2.12 MMT to 114.53 MMT, with new crop 2.55 lower at 99.19 MMT. The Weekly Export Sales report showed 1.172 MMT in 19/20 US export bookings for the week of September 6. A total of 1.934 MMT in unshipped sales were carried over from 18/19. Meal sales totaled 119,118 MT, with soy oil at 10,887 MT.

SEP 19 Soybeans are at $8.75, up 21 cents,

NOV 19 Soybeans are at $8.91 1/4, up 24 3/4 cents,

JAN 20 Soybeans are at $9.04 1/2, up 24 cents,

MAR 20 Soybeans are at $9.17, up 23 cents,

SEP 19 Soybean Meal is at $295.90, up $6.30,

SEP 19 Soybean Oil is at $28.93, up $0.20

-- provided by Brugler Marketing & Management

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