Soybeans Post Double Digit Gains, Planting Pace Moving Along
Soybeans ended the Monday session with gains of 6 ½ to 20 cents across the board, led by the front months. Soymeal futures saw $1.30 to $5.30/ton gains across most contracts. Soy Oil helped the product value by rallying 71 to 105 points across the board.
The US soybean crop was tallied at 52% planted as of May 19, a 17% move over the last week. That is now 3% above the 5-year average but lags the 61% pace from last year. NASS also pegged 26% of the crop emerged, 5% above the normal pace.
Export Inspections data from this morning showed just 184,128 MT of soybeans shipped during the week that ended on May 16, less than half of last week and a MY low. That was still up 8.3% from the same week last year. Destinations were spread out, with 58,966 MT headed to Japan, 32,831 MT to Mexico, and 24,091 MT to Indonesia. The marketing year to date inspections are now 39.75 MMT, a 17.6% drop from last year.
Jul 24 Soybeans closed at $12.48, up 20 cents,
Nearby Cash was $11.86 1/4, up 20 cents,
Aug 24 Soybeans closed at $12.43, up 17 3/4 cents,
Nov 24 Soybeans closed at $12.16 3/4, up 13 1/2 cents,
New Crop Cash was $11.60 1/4, up 13 5/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
