Soybeans Higher on Fund Buying and Planting Delay

Soybean futures are trading 6 to 9 cents higher this morning. They ended the Monday session with the front months 10 to 10 1/2 cents higher. Preliminary open interest rose a modest 4,413 contracts on Monday. 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 Monday’s 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%. Monday’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.

--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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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.