Soybeans Following Grain Complex Higher, Helped by Short Covering

Soybean futures are trading 11 to 11 1/4 cents higher in the nearby contracts at midday. Support is coming from strength in the grain complex and specs covering their record large short position. July soy meal is up $3/ton, with soybean oil 35 points higher. This morning’s Export Inspections report from USDA shows soybean shipments of 497,070 MT in the week that ended on May 16. That was a slight drop from the previous week 45.21% below the same week last year. A total of 205,944 MT was shipped to China. Traders are expecting USDA to show 28 to 30% of the US soy crop planted as of May 19. That would still be behind the 44% average pace. Commitment of Traders data shows managed money spec funds adding 8,282 contracts to their record net short position of 168,835 contracts in the week ending May 14.

Jul 19 Soybeans are at $8.33, up 11 1/4 cents,

Aug 19 Soybeans are at $8.39 1/2, up 11 1/4 cents,

Sep 19 Soybeans are at $8.46, up 11 1/4 cents,

Nov 19 Soybeans are at $8.58 1/2, up 11 1/4 cents,

Jul 19 Soybean Meal is at $297.30, up $3.00

Jul 19 Soybean Oil is at $27.57, up $0.35

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.