Soybean Meal Pit Jan '11 (SMF11)

Soybeans ended the Monday session withing a few cents from the day’s high. Contracts were up 15 ¾ to 33 ¾ cents across the board at the close. Forecasts for heavy rain totals in Southern Brazil, on top of already flooded areas, with some beans still to be harvested was supportive. Soymeal was continuing last week’s rally, with futures up another $5.40 to 15.40/ton. Soy Oil was busy bouncing from last week’s contract lows and helping the complex out, as futures were up 32 to 76 points across the board.

The weekly Export Inspections report from FGIS tallied soybean shipments at 348,654 MT during the week that ended on 5/2. That was a 26.28% improvement vs. the week prior and down 12.4% from the same week last year. Egypt was the top destination of 84,795 MT, with 68,034 MT headed to China. Inspections for the marketing year are now at 39.122 MMT (1.437 MMT), a decline of 18.2% from last year.

Crop Progress data showed 25% of the US soybean crop was planted as of May 5, 4%... Read more