Soybeans Off Their Lows, But Still Close Lower

Soybean futures closed Monday with most nearby contracts 5 to 6 3/4 cents lower. Front month May was 4 1/4 cents away from the Dec 2008 low this morning on the continuous contract. Nearby soy meal was down a dime/ton, with soybean oil 15 points lower. May futures expire on Tuesday. Trade tensions are rising, as China plans to raise tariffs on $60 billion of US goods to counter the US hike from last week. This afternoon’s Crop Progress report showed soybean planting at 9% complete as of May 12, shy of the 14-15% range of estimates. Last year was pegged at 32%, with the 5 year average at 29% for that date. USDA showed 513,375 MT of soybeans inspected for export during the week of May 9, with 272,061 MT headed to China. Shipments were down 14.87% from last year and 26.55% below the same week last year.

May 19 Soybeans closed at $7.91, down 6 cents,

Jul 19 Soybeans closed at $8.02 1/2, down 6 3/4 cents,

Aug 19 Soybeans closed at $8.09, down 6 3/4 cents,

Nov 19 Soybeans closed at $8.27 1/2, down 5 3/4 cents,

May 19 Soybean Meal closed at $284.00, down $0.10,

May 19 Soybean Oil closed at $26.35, down $0.15

--provided by Brugler Marketing & Management




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