Soybeans Head into the Weekend Mostly Lower
BRUG - Fri May 10, 5:26PM CDT

Soybean futures ended the Friday session with the front months 1 to 3 1/2 cents lower. July was down 3.92% on the week. Meal futures were down $1.20/ton, with May soy oil 16 points higher. The monthly WASDE update from USDA showed old crop soybean stocks increasing 100 mbu from last month to 995 mbu, on a reduction to exports. Production for the upcoming season was pegged at 4.15 bbu, with a 49.5 bpa weather adjusted trend yield projection. New crop carryout was seen initially at 970 million, a 25 mbu drop from the 2019 number. USDA left Brazilian soybean production at 117 MMT, with Argentina up 1 at 57 MMT. Chinese imports for 18/19 are now seen at 86 MMT. World carryout for old crop is up 5.82 MMT to 113.18 MMT. New crop was projected at 113.09 MMT. Money managers in soybean futures and option held a record reported net short position of 160,553 contracts on Tuesday, a move of 12,027 contracts from last week. Chinese trade reps left DC with no trade agreement as expected but hinted at future talks to continue.

May 19 Soybeans closed at $7.97, down 3 1/4 cents,

Jul 19 Soybeans closed at $8.09 1/4, down 3 1/2 cents,

Aug 19 Soybeans closed at $8.15 3/4, down 3 3/4 cents,

Nov 19 Soybeans closed at $8.33 1/4, down 2 1/2 cents,

May 19 Soybean Meal closed at $284.10, down $1.20,

May 19 Soybean Oil closed at $26.50, up $0.16

--provided by Brugler Marketing & Management

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