Soybeans Pulled Higher by Corn

Soybean futures are getting help from strength in corn, up 3 to 4 1/2 cents on Tuesday. Soymeal is up $1.50/ton, with bean oil a point lower. On Tuesday morning, USDA made a 75 mbu revision to their old crop US carryout at 1.07 bbu, with the increase coming from a reduction to projected exports. That also translated to the same jump in 2019/20 ending stocks at 1.045 bbu, as USDA left the rest of the 19/20 S&D table alone. The WAOB left the Brazil and Argentine production estimates at 117 MMT and 56 MMT respectively, while CONAB estimates released this morning showed Brazil at 114.84 MMT, a 0.54 MMT increase from last month. USDA world soybean ending stocks were trimmed by 0.38 to 112.80 MMT for 18/19, with new crop also down 0.43 to 112.66 MMT. The weekly Crop Progress report indicated that 60% of the US soybeans crop was planted by Sunday, with 34% emerged.

Jul 19 Soybeans are at $8.62 1/4, up 3 3/4 cents,

Aug 19 Soybeans are at $8.69 3/4, up 4 1/2 cents,

Sep 19 Soybeans are at $8.76 1/2, up 4 1/4 cents,

Nov 19 Soybeans are at $8.89 3/4, up 4 cents,

Jul 19 Soybean Meal is at $314.90, up $1.50

Jul 19 Soybean Oil is at $27.37, down $0.01

--provided by Brugler Marketing & Management

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