Soybeans Higher on Monday, Helped by Short Covering

Soybean futures ended the Monday session with the front months 10 to 10 1/2 cents higher. Support came from the grain complex and specs taking profits after Friday’s sell off. July soy meal was up $3/ton, with soybean oil 28 points higher. After the close, the Crop Progress report indicated that just 19% of the soybean crop was planted on May 19, below most expectations. The 5-year average for week 20 is 47%, as last year was 53%. NASS also reported that 5% of the crop was emerged, compared to the normal pace at 17%. 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 and 45.21% below the same week last year. A total of 205,944 MT was shipped to China.

Jul 19 Soybeans closed at $8.31 3/4, up 10 cents,

Aug 19 Soybeans closed at $8.38 1/2, up 10 1/4 cents,

Sep 19 Soybeans closed at $8.45, up 10 1/4 cents,

Jan 20 Soybeans closed at $8.69 3/4, up 10 1/4 cents,

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

Jul 19 Soybean Oil closed at $27.50, up $0.28

--provided by Brugler Marketing & Management

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