Soybean Meal Sep '11 (ZMU11)
Soybean Meal Futures Market News and Commentary
Soybeans are trading with 7 to 9 cent gains so far on Thursday morning. Futures saw late Wednesday weakness, with contracts closing 1 ¼ lower to 1 ¾ cents higher. Open interest was up 5,036 contracts. The cmdtyView national average Cash Bean price was down 1 1/4 cents at $11.27. Soymeal futures were up 20 cents to $2.30, with Soy Oil futures 4 to 90 points higher on Wednesday.
Export Sales data will be out on Friday, due to the Monday holiday.
The weekly Crop Progress report from NASS showed the US soybean crop at 79% planted by May 24, still well above the 68% average pace for this time of year. Emergence was at 49% vs. 40% on average. Just MI and OH were reported to lag behind their average planting pace, with WI behind normal for emergence. Condition ratings will start next week.
Brazil’s ANEC estimate the country’s May soybean exports at 15.9 MMT, a drop of 0.2 MMT from last week’s estimate. May soybean exports from Brazil last year were at 14.09 MMT
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