Soybean Market Gets Some Love From Export Sales Thursday

(Agriculture.com) – On Thursday, the CME Group’s soybean and wheat markets lead the way upward.

In early trading, December corn futures are 1¾¢ lower at $3.72¼; March corn futures are ¾¢ lower at $3.84½.

November soybean futures are 3¢ higher at $8.92¼; January soybean futures are 3¼¢ higher at $9.06½.

December wheat futures are 7¢ higher at $4.84¼.

December soy meal futures are 80¢ per short ton higher at $298.40. December soy oil futures are unchanged at 29.20¢ per pound.

In the outside markets, the NYMEX crude oil market is 39¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points lower.

On Wednesday, private exporters reported to the USDA export sales of 257,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

The marketing year for soybeans began September 1.

On Thursday, the USDA’s Weekly Export Sales Report shows strong soybean figures. Here are the totals:

• Corn: 494,000 metric tons vs. the trade’s expectations of between 600,000-1,300,000 mmt
• Soybeans: 1.03 mmt vs. the trade’s expectations of between 800,000-1,300,000 mmt
• Wheat: 283,200 mt vs. the trade’s expectations of between 200,000-500,000 mt
• Soybean meal: 164,300 mt vs. the trade’s expectations of between 200,000-550,000 mt

Al Kluis, Kluis Advisors, says that the markets are trying to push through resistance levels.

“Soybeans are finding a little bit of resistance as harvest is just getting under way. The close in the corn market on Tuesday was very promising. We could continue to see December corn futures push towards the gap between $3.88 and $3.92. The president made a comment on Wednesday that a trade deal with China could be coming sooner rather than later. This should help keep support under the grain prices,” Kluis told customers in a daily note.