Soybeans

Soybean futures are mostly 4 to 5 cents higher this morning. They ended Thursday steady to 3 1/2 cents lower on profit taking in front of the Memorial Day holiday. Soymeal was down $3.40/ton, with front month soy oil a point higher. Thursday morning’s Export Sales report exports in the week of 5/17 well above last year totaling 903,873 MT, with 133,200 MT to China. Shipments of soybeans have some catching up to do before August 31, at only 81% of the USDA projection vs. the average of 91% for this date Total commitments are now 98% of that projection, with the typical pace at 99%. Brazilian truckers ended their strike with a government promise to subsidize diesel fuel. Argentina’s Ag Ministry now sees their country’s soybean crop at 36.6 MMT, down 1 from their previous estimate. The government has neither confirmed nor denied that it is halting the monthly reduction in soybean export tariffs in order to shore up the budget.




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