Soybean futures are trading 7 to 8 1/2 cents higher in most contracts at midday. Meal futures are up $3.90/ton, with soy oil 12 points lower. Year to date soybean commitments for export are now 16.4% below a year ago, catching up from previous weeks. They are 81% of the USDA export projection, as the 5-year average is 92% and last year was 87%. NOPA’s monthly report showed 154.498 mbu of soybeans crushed in February, below the average trade estimate but still a record for the month. Member soy oil stocks were 1.752 billion pounds. Heavy rains have slowed the Brazilian harvest in Parana, which is now behind last year’s pace and about 66% completed according to local sources. Argentine crushers are pushing for a decrease in the export tax on soy products to make them more competitive in the world market.
May 19 Soybeans are at $9.07, up 8 1/2 cents,
Jul 19 Soybeans are at $9.20 3/4, up 8 1/2 cents,
Aug 19 Soybeans are at $9.26 3/4, up 8 1/2 cents,
Sep 19 Soybeans are at $9.31, up 7 3/4 cents,
May 19 Soybean Meal is at $309.80, up $3.90
May 19 Soybean Oil is at $29.45, down $0.12
--provided by Brugler Marketing & Management