Soybean Lower on Global Supply Pressure, Weakness in Bean Oil

Soybean futures are down a sharp 14 to 15 3/4 cents in most contracts at midday. Meal futures are $2.10/ton lower on Tuesday. May soy oil us 58 points in the red so far, weakening product values. 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. Brazil’s Ag Ministry expects this soybean exports to be hurt by the spread of ASF in China. A stronger US dollar is also pressuring the market lower. 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.

May 19 Soybeans closed at $8.61 1/2, down 15 1/2 cents,

Jul 19 Soybeans closed at $8.75, down 15 3/4 cents,

Aug 19 Soybeans closed at $8.81, down 15 1/4 cents,

Nov 19 Soybeans closed at $8.96, down 13 3/4 cents,

May 19 Soybean Meal closed at $300.40, down $2.10,

May 19 Soybean Oil closed at $28.12, down $0.58

--provided by Brugler Marketing & Management

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