Soybeans Higher on Short Covering, Delayed Planting
BRUG - Tue May 14, 5:19PM CDT

Soybean futures posted sharp 26 to 29 cent gains in most contracts on Tuesday. Specs were working to cover their record net short position, after USDA showed slower than expected planting. July soy meal was up $10.70/ton, with soybean oil 39 points higher. May futures expired today. Monday afternoon’s Crop Progress report showed that NC was the only state reported at faster than normal pace as of 5/12, with SD still yet to get seed in the ground. MN and IL are 3% planted, well behind normal, with OH and IN at 2%. IA is 13% seeded, with NE at 20% complete. USDA reported a private export sale of 180,000 MT of soybeans to unknown destinations for 18/19 this morning. 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.

Jul 19 Soybeans closed at $8.31 1/2, up 29 cents,

Aug 19 Soybeans closed at $8.38, up 29 cents,

Sep 19 Soybeans closed at $8.44, up 29 cents,

Jan 20 Soybeans closed at $8.69 1/2, up 28 1/4 cents,

Jul 19 Soybean Meal closed at $298.00, up $10.70,

Jul 19 Soybean Oil closed at $27.00, up $0.39

--provided by Brugler Marketing & Management

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