Soybeans Fractionally Higher to Begin Tuesday

Soybean futures are steady to fractionally higher after seeing 3 1/2 to 4 cent losses in the front months on Monday. Meal futures were down 70 cents/ton, with May soy oil 10 points lower. The Export Inspections report indicated 382,298 MT of soybeans shipped in the week that ended on 4/18. That was 19.73% lower than the previous week and 19.07% below a year ago. The weekly Crop Progress report showed that just 1% of the US soybean crop has been planted as of Sunday, lagging the 2% average. It’s early. Ahead of Wednesday’s Stats Canada report, analysts estimate 2019 canola acreage to total 21.8 million acres, which would be down 1 million from last year. Argentina’s soybean harvest is now thought to be 30% complete. Producers don’t like the price, with plenty of global competition as it comes out of the field. Brazil has harvested 92% of the crop in that country.

--provided by Brugler Marketing & Management




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