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Soybean futures settled with 20 to 22 3/4 cent gains, bouncing back from the Thursday trade when prices were down 14 to 22 cents. The May16 contract was up 5 1/4 cents on the week. May soy meal was up $6.20 on the day, and up $9.10 on the week. Midwest forecasts for the next 5 days show planting progress may be slowed by scattered showers with moderate to heavy rainfall expected. The CFTC this afternoon showed managed money increased their net long position by 7,429 contracts during the week ending May 3. The Argentinean soybean harvest is estimated to be 41% finished, compared to 69% at this time last year. Stats Canada reported that Canadian canola stocks as of March 31 were down 10.1% from last year at 7.5 MMT, but slightly higher than the average pre-report estimate of 7.3 MMT.
May 16 Soybeans settled at $10.26 1/4, up 22 3/4 cents,
Jul 16 Soybeans settled at $10.34 3/4, up 22 1/2 cents,
Aug 16 Soybeans settled at $10.37, up 22 1/4 cents,
Nov 16 Soybeans settled at $10.22, up 20 1/2 cents,