Soybeans Near Decade Lows As Trade War Heats Up
BRUG - Mon May 13, 12:11PM CDT

Soybean futures are trading 10 to 12 cents lower in most contracts at midday. Front month May was 4 1/4 cents away from the Dec 2008 low this morning on the continuous contract. Nearby soy meal is down 50 cents, with soybean oil 35 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. 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. 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. Traders are looking for US soybean planting progress to be around 14-15% complete in tonight’s NASS report, vs. the 26% average pace.

May 19 Soybeans are at $7.86 1/2, down 10 1/2 cents,

Jul 19 Soybeans are at $7.97 1/2, down 11 3/4 cents,

Aug 19 Soybeans are at $8.04 1/2, down 11 1/4 cents,

Sep 19 Soybeans are at $8.10 1/2, down 11 cents,

May 19 Soybean Meal is at $283.60, down $0.50

May 19 Soybean Oil is at $26.15, down $0.35

--provided by Brugler Marketing & Management




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