Soybean Meal Dec '11 (ZMZ11)

Overnight action has soybeans trading 5 ½ to 6 ¾ cents higher. They ended the Monday session with double digit gains and within a few cents of the day’s high. Contracts were up 15 ¾ to 33 ¾ cents across the board. 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 boost product value, as futures were up 32 to 76 points across the board.

There have still been zero deliveries against May soy meal.  There were 16 put out against May BO overnight, with May soybeans seeing none after heavier early deliveries were absorbed. 

The weekly Export Inspections report from FGIS put 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... Read more