Soybean futures are mostly 15 cents per bushel higher this morning after ending 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 on the continuation chart. Nearby soy meal was down a dime/ton, with soybean oil 15 points lower. May futures expire on Tuesday. Monday 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.
--provided by Brugler Marketing & Management