Soybean futures were down 6 1/4 to 8 1/2 cents per bushel by the close, but bounced back from double digit mid-session declines. Meal futures were down $3.50/ton in the nearby contracts, with soy oil 9 points lower. An Administration official suggested that President Trump and China’s President Xi are unlikely to meet before the March 1 deadline, which apparently discouraged folks expecting an immediate fix. 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 report if realized.
Mar 19 Soybeans closed at $9.13 1/4, down 8 1/2 cents,
May 19 Soybeans closed at $9.27 1/4, down 8 1/2 cents,
Jul 19 Soybeans closed at $9.41, down 8 1/4 cents,
Sep 19 Soybeans closed at $9.49, down 7 1/2 cents,
Mar 19 Soybean Meal closed at $305.50, down $3.50,
Mar 19 Soybean Oil closed at $30.81, down $0.09
--provided by Brugler Marketing & Management