Soybean futures are fractionally lower at midday. Front month meal futures are up 90 cents/ton and May soy oil 2 points lower. Ahead of Monday’s NOPA crush report, analysts are expecting to see March crush at 168.028 mbu. If realized that would be down from last year’s record, but still the second largest March total ever. Soy oil stocks are seen at around 1.783 billion pounds. Export commitments for 2018/19, compared to USDA’s projected total, are 86% complete vs. the 5-year average at 95%. Shipments are 61% of that projection (84% average), as the large quantity of outstanding sales is 18% larger than last year. Chinese March imports of soybeans totaled 4.91 MMT, with the 2019 YTD total (Jan-Mar) down 14.4% yr/yr at 16.75 MMT. The Buenos Aires Grain Exchange estimates that the Argentine soybean crop is 16.9% harvested, lagging last year’s progress by 6.7% but 2% above normal.
May 19 Soybeans are at $8.95, down 1/4 cent,
Jul 19 Soybeans are at $9.08 1/2, down 1/4 cent,
Aug 19 Soybeans are at $9.14, down 1/2 cent,
Sep 19 Soybeans are at $9.18 3/4, down 1/4 cent,
May 19 Soybean Meal is at $308.10, up $0.90
May 19 Soybean Oil is at $28.96, down $0.02
--provided by Brugler Marketing & Management