Soybeans are posting 16 to 30 cent gains across the front months on Monday. Soymeal is continuing last week’s rally, up $10.40/ton at midday. Soy Oil is also heading higher to start the week, with gains of 80 points in the July contract.
There were 0 deliveries vs. May meal overnight as the StoneX clients kept the previous receipts. Bean oil deliveries shrank to only 37 contracts. There were 226 contracts issued against May soybeans, with ADM stopping another 220 for the house account and Dreyfus putting their back out.
The weekly Export Inspections report from FGIS tallied soybean shipments at 348,654 MT during the week that ended on 5/2. That was a 26.28% improvement vs. the week prior and down 12.4% from the same week last year. Egypt was the top destination of 84,795 MT, with 68,034 MT headed to China. Inspections for the marketing year are now at 39.122 MMT (1.437 MMT), a decline of 18.2% from last year.
Traders are expecting to see 29% of the US soybean crop planted as of Sunday in this afternoon’s Crop Progress report, up from the 18% reported last week.
May 24 Soybeans are at $12.32 3/4, up 31 cents,
Nearby Cash is at $11.85 7/8, up 28 7/8 cents,
Jul 24 Soybeans are at $12.45, up 30 cents,
Nov 24 Soybeans are at $12.20 3/4, up 19 3/4 cents,
New Crop Cash is at $11.65 5/8, up 20 1/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
