Soybeans Loosen and Fall Wednesday afternoon
BRUG - Wed Nov 13, 4:48PM CST

Soybean futures were 1 3/4 to 3 1/4 cents lower at Wednesdays close. Soybean meal was up by $1.80/ton, while soybean oil finished Wednesday 50 points lower. The USDA reported a private export sale of 106,000 MT of soybeans overnight to unknown. Chinese purchases of soybeans amid reports of port backlogs lead some analysts to believe China is trying to buy beans ahead of December tariff hikes; that idea got a shred of credibility when chief economic advisor Larry Kudlow indicated this morning that the tariff increases for December are still on the schedule since no deal has been reached yet. CONAB updated the projected Brazilian output this morning; they revised up the soybean production for 19/20 to 120.86 MMT, that is 2.14 MMT below the Nov WASDE number. CONAB’s Soybean exports were UNCH at 72 MMT..

Nov 19 Soybeans closed at $9.02 1/2, down 3 1/4 cents,

Jan 20 Soybeans closed at $9.15 1/4, down 1 3/4 cents,

Mar 20 Soybeans closed at $9.28 1/2, down 1 3/4 cents,

May 20 Soybeans closed at $9.40 3/4, down 2 cents,

Dec 19 Soybean Meal closed at $304.10, up $1.80

Dec 19 Soybean Oil closed at $30.53, down $0.50

--- provided by Brugler Marketing & Management

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