Soybeans are soybean prices are down 7 to 10 cents so far, meal is working $2 to $3 weaker, soy oil is giving 70 points back this morning. CME preliminary OI data confirmed new buying for soybeans, with 7.5k new contracts open across the board. There were also 11.7k new bean options opened yesterday, with Nov puts the most popular at 6,874. The soymeal market went home mixed on Monday. At the session high, July contracts were up by nearly $10/ton but closed $2 in the red. Soybean futures also faded some from their daily high prints, but prices were still 5 3/4 to 10 3/4 cents higher at the close. Soybean oil ended the session 17 to 30 points higher.Â
NASS reported soy planting progress advanced 14% points to 49% complete as of 5/14. That remains 13% points ahead of average. Minnesota (-2 ppts), North Dakota (-13 ppts), and Wisconsin (-6 ppts) were the only states listed behind their respective average pace. Illinois was 32ppts ahead of average at 77% planted. Bean emergence was marked at 20% nationally, compared to 11% on average.Â
NOPA members processed 173.23 million bushels of soybeans during the month of April. That was a 6.8% decrease month/month and was below the average trade estimate of 174.17 mbu. Still, it was a record crush for the month of April. Soy oil stocks were reported at 1.957b lbs, compared to 1.851b in March and 1.828 billion expected.Â
USDA’s Mandatory Reporting System announced a private export sale for 100k MT of soymeal to Poland for 22/23.Â
USDA’s weekly Export Inspections report showed 147,897 MT of soybeans were shipped during the week that ended 5/11. That is down from 400k last week and from 800k MT during the same week last year. USDA had the full season’s total at 48.005 MMT. That is 88% of the WASDE forecast.Â
Jul 23 Soybeans  closed at $14.00 3/4, up 10 3/4 cents, currently down 10 3/4 cents
Nearby Cash  was $13.82, up 10 1/8 cents,
Aug 23 Soybeans  closed at $13.28 1/4, up 10 cents, currently down 9 3/4 cents
Nov 23 Soybeans  closed at $12.31 1/4, up 7 1/2 cents, currently down 7 3/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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