Soybean Market News and Commentary

Soybean futures are trading 2 to 3 cents higher in most front months on Tuesday. Nearby meal futures are up 80 cents/ton, with soy oil 23 points in positive territory. USDA trimmed their US soybean carryout projection by 5 mbu in the WASDE release this morning, now at 895 mbu. That came from lower imports and higher seed usage. Their Brazil production estimate was raised by 0.5 MMT to 117 MMT on a higher average yield, as they left Argentine output UNCH @ 55 MMT. World ending stocks were raised slightly to 107.36 MMT, reflecting the increase to the South American production.

May 19 Soybeans are at $9.01 1/2, up 2 3/4 cents,

Jul 19 Soybeans are at $9.14 1/4, up 2 1/2 cents,

Aug 19 Soybeans are at $9.20, up 2 3/4 cents,

Sep 19 Soybeans are at $9.24 1/2, up 2 1/2 cents,

May 19 Soybean Meal is at $310.00, up $0.80

May 19 Soybean Oil is at $29.11, up $0.23

--provided by Brugler Marketing & Management

Market Commentary provided by:

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