Soybeans Down 6 to 8 Cents Overnight
BRUG - Mon May 13, 7:26AM CDT

Soybean futures are 6 to 8 cents lower to begin the week after ending Friday 1 to 3 1/2 cents lower. July was down 3.92% on the week. The monthly WASDE update 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. 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 was revised upward by 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. Traders are looking for US soybean planting progress to be around 15% complete in tonight’s NASS report, vs. the 26% average pace.

--provided by Brugler Marketing & Management

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