Soybean Market Creeps Into Positive Territory

Soybean futures are fractionally higher on position squaring ahead of the 3-day holiday weekend. Meal futures are down $.40/ton and May soy oil is 21 points higher. This morning’s USDA Export Sales report was expected to show 350,000-800,000 MT in old crop soybean bookings for the week of 4/11, with new crop at 0-60,000 MT. USDA confirmed net soybean sales of 382,100 MT for old crop and 21,100 MT for new crop. Meal sales were expected to be 125,000-325,000 MT, with soy oil at 8,000-30,000 MT. The actual meal books were on the high side of expectations at 295,300 MT, with soy oil at 24,200 MT. US Soybean exports in February were the 5th largest monthly total on record, 4.577 MMT. That was up 8.65% yr/yr, but down 5.2% from January. Shipments to China were slightly larger than in 2018.

May 19 Soybeans are at $8.80, up 1 cent,

Jul 19 Soybeans are at $8.93 3/4, up 1 1/4 cents,

Aug 19 Soybeans are at $8.99 1/2, up 1 cent,

Sep 19 Soybeans are at $9.04 1/4, up 3/4 cent,

May 19 Soybean Meal is at $303.50, down $0.40,

May 19 Soybean Oil is at $28.67, up $0.21

--provided by Brugler Marketing & Management

Market Commentary provided by:

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