Soybeans Higher on Short Covering, Following Slow Planting
BRUG - Tue May 14, 12:26PM CDT

Soybean futures are posting strong 24 to 28 cent gains in most contracts on Tuesday. July soy meal is up $10.20/ton, with soybean oil 38 points higher. May futures expire today. Monday afternoon’s Crop Progress report showed soybean planting at 9% complete as of May 12, vs. the 5 year average at 29% for that date. NC was the only state reported at faster than normal pace, with SD still yet to get seed in the ground. MN and IL are 3% planted, 31% behind normal, with OH and IN at 2%. IA is 13% seeded, with NE at 20% complete. NOPA is expected by traders to show April member crush of 161.607 mbu, which would be slightly higher than last year. Soybean oil stocks are seen at 1.779 billion pounds. IEG Vantage, formerly Informa, puts the US soybean acreage at 86.4 million acres, up 1.8 million acres from USDA March Intentions.

May 19 Soybeans are at $8.15, up 24 cents,

Jul 19 Soybeans are at $8.30, up 27 1/2 cents,

Aug 19 Soybeans are at $8.37, up 28 cents,

Sep 19 Soybeans are at $8.43, up 28 cents,

July 19 Soybean Meal is at $297.60, up $10.20

July 19 Soybean Oil is at $26.99, up $0.38

--provided by Brugler Marketing & Management

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