Soybean Mini May '12 (XKK12)

Soybeans are posting solid midday strength of 20 to 36 cents. There were 386 contracts issued against May bean futures, and that brought the oldest long all the way up to 4/30/24. Of the 386, Bunge stopped 216 for the house account. Soymeal is paving the way for the rally, up $13.30 to $15/ton. There were 11 contracts issued against May meal. Soy Oil is up 20 points in the July contract at midday. Deliveries against May BO was down to 477 lots and Bunge still stopping them for the house. 

Export Sales data from this morning showed an improvement from the week prior at 413,997 MT of beans sold in the week ending on 4/25. Egypt was the buyer of 146,000 MT, with 112,000 MT sold to Indonesia. USDA also reported new crop bookings at just 7,000 MT. Soybean meal bookings were below the trade range of estimates at just 131,012 MT, with bean oil bookings at a net sale of 7,195 MT.

Census data from March was released this morning, as bean shipments were tallied at 3.05 MMT (112.2... Read more