Soybean Meal Futures Market News and Commentary
Midday trading in the soy market has May beans 7 1/2 cents lower, while the other front months are trading with 4 to 6 1/2 cent losses. Soymeal futures are down by $8.50/ton in May. Bean oil futures are up by 20 points. NASS revised February soybean crush to 175.26 mbu, 6.3 mbu lower than the number released on Wednesday. That is still a record for the month. Official soybean exports for the month of Feb were 101.37 mbu, down 4.5% from January but 10.17% higher yr/yr. The BA Grain Exchange lowered their forecast for Argentine soybeans to 49.5 MMT citing lower than expected yields. Brazil shipped 11.64 MMT of beans in March, which was a 35.5% boost from March ’19. FCStone projects Brazilian soybean output at 120.1 MMT, which is a 4 MMT cut from last month citing unfavorably hot and dry conditions.
May 20 Soybeans are at $8.51 1/4, down 7 1/2 cents,
Jul 20 Soybeans are at $8.57 1/2, down 6 1/2 cents,
Aug 20 Soybeans are at $8.59 3/4, down 5 3/... Read more