Soybean Market News and Commentary

Soybean futures ended the Tuesday session with contracts fractionally mixed. Nearby meal futures were down 10 cents/ton, with soy oil 16 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 closed at $8.98 3/4, unch,

Jul 19 Soybeans closed at $9.11 3/4, unch,

Aug 19 Soybeans closed at $9.17 1/2, up 1/4 cent,

Nov 19 Soybeans closed at $9.31 3/4, down 1/2 cent,

May 19 Soybean Meal closed at $309.10, down $0.10,

May 19 Soybean Oil closed at $29.04, up $0.16

--provided by Brugler Marketing & Management




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