Slow News Leads to Soybean Consolidation

Soybean futures closed the week with nearby contracts steady to fractionally lower on Friday. Front month meal futures were up 70 cents/ton and May soy oil down 3 points Ahead of Monday’s NOPA crush report, analysts are expecting to see March crush at 168.028 mbu. If realized that would be down from last year’s record, but still the second largest March total ever. Soy oil stocks are seen at around 1.783 billion pounds. Export commitments for 2018/19, compared to USDA’s projected total, are 86% complete vs. the 5-year average at 95%. Shipments are 61% of that projection (84% average), as the large quantity of outstanding sales is 18% larger than last year. The Buenos Aires Grain Exchange estimates that the Argentine soybean crop is 16.9% harvested, lagging last year’s progress by 6.7% but 2% above normal.

May 19 Soybeans closed at $8.95 1/4, unch,

Jul 19 Soybeans closed at $9.08 3/4, unch,

Aug 19 Soybeans closed at $9.14 1/4, down 1/4 cent,

Nov 19 Soybeans closed at $9.27 3/4, down 1/2 cent,

May 19 Soybean Meal closed at $307.90, up $0.70,

May 19 Soybean Oil closed at $28.95, down $0.03

--provided by Brugler Marketing & Management

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