Soybean futures are trading 3 to 4 cents lower this morning after being 3 to 4 3/4 cents higher in most contracts on Thursday. Meal futures were up $6.30/ton, with nearby soy oil down 35 points. The USDA reported 1.537 MMT in soybean exports during the week of 2/1. That was a jump of 26% from the previous week but 1.9% lower than the same week in 2017. Soy meal shipments were shown at 290,904 MT, with soy oil at 8,517 MT. Thursday morning’s WASDE report showed the USDA narrowing the US cash average farm price by 20 cents to $8.90-9.70, leaving the mid-point at $9.30. With the Brazil crop 2 MMT higher, their respective export projection was raised by the USDA to 69 MMT. The reduction in Argentine production caused their crush total to be trimmed 1.16 MMT, which gave the US bean meal market a boost. The Buenos Aires Grain Exchange now estimates the crop at 50 MMT, down 1 from their previous report.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.