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

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