Soybean Meal May '16 (ZMK16)

Soybeans are trading 12 to 15 ½ cents higher following a bout of overnight strength. Bean futures rounded out the Wednesday session 4 ½ to 10 ¼ cents higher.  Soymeal continued its weakness, with contracts 30 cents to $3.70/ton lower.  Soy Oil was 16 to 28 points higher across the board.

Deliveries against May soy complex futures slowed, with May BO down to 477 lots and Bunge still stopping them for the house.  There were 11 contracts issued against May meal. 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. 

Export Sales data will be released shortly, with the trade range of estimates at 100,000 to 700,000 MT for old crop and up to 200,000 MT for new crop beans sold during the week ending April 25. Soybean meal bookings ideas are running 150,000 to 400,000 MT, with bean oil bookings at a net reduction of 5,000 to sales of 10,000 MT.

The monthly... Read more