Soybeans

Soybean futures are currently 5 to 6 cents higher after seeing sharp gains of 10 to 12 cents in most contracts on Friday. Meal futures were up 20 cents/ton on Friday, with nearby soy oil 4 points lower. They had the same pattern overnight. US ending stocks for the 17/18 soybean crop were increased 25 mbu to 470 mbu Friday morning. Lower production and larger crush estimates helped to offset a 65 mbu reduction in expected exports. The Quarterly Stocks report indicated December 1 soybean stocks were 3.157 bbu, up 259 mbu from a year ago and a shade under expectations. The production increase in Brazil was nearly offset by smaller US and Argentina crops to bring the world ending stocks number slightly higher to 98.57 MMT.




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