Soybeans Market News and Commentary

Soybean futures are trading 3 to 4 cents higher this morning. They posted 8 to 9 1/4 cent gains in most contracts on Friday to start 2019 with 3 straight days of gains. Soymeal was up $2.40/ton, with soy oil 23 points higher. INTL FCStone cut their 18/19 Brazil soybean production estimate by 3.96 MMT due to recent dryness, taking it down to 116.25 MMT. A Brazilian group, Aprosoja expects the Brazilian crop will be110-115 MMT if current conditions continue, which is among the lowest estimates we’ve seen. IEG Vantage sees no reduction, keeping their estimate at 122 MMT (with Argentina at 56.5 MMT). CONAB will be out with their Brazilian numbers on January 10. US and Chinese negotiators met on Monday to discuss ag and energy issues under the 90 day clock. Talks will resume on Tuesday.

--provided by Brugler Marketing & Management




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