Soybean Meal May '21 (ZMK21)
Soybean Meal Futures Market News and Commentary
Turnaround Tuesday buying resulted in 13 1/2 to 21 1/2 cent gains for front month beans. The gains fully erased Monday’s drop for old crop. New crop futures were also up double digits, but only by 10 to 12 cents widening the inverse. November soybeans closed at $12.29 3/4, leaving the new crop soy corn ratio at 2.585.
Soymeal prices ended the Tuesday session $3.10 to $3.90/ton higher. March was $423.30/ton as open interest wanes through deliveries to 2,643 contracts as of Monday. For front month soybean oil, prices ended 43 to 50 points in the black. March settled at 51.27 cents/lb and preliminary OI was 1,124 contracts as of Monday. Market focus continues to be on South American harvest progress and US acreage intentions. USDA’s Planting Intentions survey is currently underway, although results won’t be released until the end of the month.
--- provided by Brugler Marketing & Management
Soybean Prices by Barchart
Soymeal Prices by Barchart
Soy Oil Prices by Barchart
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Grain markets are under pressure to start the month, will it continue?
- Corn Tuesday Forecast
The downtrend may be expected to continue, while market is trading below resistance level 540, which will be followed by reaching support level 524
- "Shootin' the Bull"
Fats were soft for most of the day