Soybean futures are down 8 to 9 3/4 cents the front months at midday. Meal futures are down $3.30/ton, with soy oil 12 points lower. Reports this morning suggested that President Trump and China’s President Xi are unlikely to meet before the March 1 deadline. The weekly Export Sales report indicated 1.051 MMT of soybeans were sold in the week of December 27. That was down 56% from the preceding non-holiday week as you would expect, but 121.4% larger than the same week last year. China purchased 808,000 MT in that week. Soy meal sales were at 40,597 MT, with soy oil at 15,963 MT. The average trade estimate for 18/19 US soybean ending stocks on Friday’s WASDE release is 926 mbu, which is down 29 mbu from the December report. Analysts estimate Brazil’s soybean crop at 116.99 MMT on average, a drop of 5 MMT from the December WASDE if realized.
Mar 19 Soybeans are at $9.12, down 9 3/4 cents,
May 19 Soybeans are at $9.26, down 9 3/4 cents,
Jul 19 Soybeans are at $9.39 3/4, down 9 1/2 cents,
Aug 19 Soybeans are at $9.45, down 9 1/2 cents,
Mar 19 Soybean Meal is at $305.70, down $3.30
Mar 19 Soybean Oil is at $30.78, down $0.12
--provided by Brugler Marketing & Management