Soybeans Up on Strength in Meal Following the NOPA Report

Soybean futures are up 3 to 4 3/4 cents in the nearby contracts at midday. Front month meal futures are up $3.10/ton and May soy oil 6 points lower. The monthly crush report from NOPA showed its members crushed a total of 170.011 mbu of soybeans in March. That was the second largest total on record, only behind last year, and nearly 2 mbu above most estimates. Soybean oil stocks were seen at 1.76 billion pounds, slightly above Feb but 9.6% below last year. Soy oil yield was high, with a low meal yield. A private export sale of 140,000 MT of 18/19 soybeans were reported by the USDA this morning. Weekly Export Inspections were tallied at just 460,667 MT during the week of 4/11. That was 3.18% above this week last year but down 48.2% from the previous week. Just two cargoes were on their way to China @ a total of 130,159 MT.

May 19 Soybeans are at $9.00, up 4 3/4 cents,

Jul 19 Soybeans are at $9.13 1/4, up 4 1/2 cents,

Aug 19 Soybeans are at $9.19, up 4 3/4 cents,

Sep 19 Soybeans are at $9.23 1/4, up 4 1/2 cents,

May 19 Soybean Meal is at $311.00, up $3.10

May 19 Soybean Oil is at $28.89, down $0.06

--provided by Brugler Marketing & Management

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