Soybean Market Pressured by Losses in the Grains and Lack of Positive News

Soybean futures are down 4 to 5 cents on Wednesday. Spillover from the grains is dragging the market lower at midday. Meal futures are 30 cents/ton lower, with May soy oil 2 points in negative territory. May options expire on Friday. Canadian Canola acreage is expected to be down 6.6% from last year at 21.314 million acres, based off Stats Canada data released this morning. That was expected heading into today. Soybean acreage is also seen down 10.7% yr/yr at 5.64 million acres. Weakness in the Brazilian Real vs. the dollar is also seen as pressure on Wednesday.

May 19 Soybeans are at $8.57 1/2, down 4 1/2 cents,

Jul 19 Soybeans are at $8.71 1/4, down 4 1/4 cents,

Aug 19 Soybeans are at $8.77 1/4, down 4 1/4 cents,

Sep 19 Soybeans are at $8.82 1/2, down 4 1/4 cents,

May 19 Soybean Meal is at $300.70, down $0.30

May 19 Soybean Oil is at $28.04, down $0.02

--provided by Brugler Marketing & Management




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