Soybean Market News and Commentary

Soybean futures saw 2 to 3 1/2 cent gains in most contracts. Nearby meal futures were up $1/ton, with soy oil 3 points higher. USDA flashed a sale of 133,759 MT of soybeans for 18/19 delivery to unknown destinations this morning. The weekly Export Sales report is expected to show 0.8-1.15MMT in old crop soybean sales, with new crop at 0-100,000 MT. USDA did revise 17/18 Brazil production to 122 MMT on Tuesday, up 1.2 from the March report, with 18/19 @ 117 MMT. AgRural now estimates the Brazilian soybean 18/19 crop at 114.6 MMT, up 1.7 from their previous number, with updated CONAB estimates released on Thursday. Argentina’s soybean crop is seen at 56 MMT according to estimates from the Rosario Grain Exchange, 2 MMT higher than their prior estimate. USDA is at 55 MMT.

May 19 Soybeans closed at $9.02, up 3 1/4 cents,

Jul 19 Soybeans closed at $9.15 1/4, up 3 1/2 cents,

Aug 19 Soybeans closed at $9.21, up 3 1/2 cents,

Nov 19 Soybeans closed at $9.34 1/2, up 2 3/4 cents,

May 19 Soybean Meal closed at $310.10, up $1.00,

May 19 Soybean Oil closed at $29.07, up $0.03

--provided by Brugler Marketing & Management

Market Commentary provided by:

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