Soybean Market Pressured by Losses in the Grains

Soybean futures settled with 6 3/4 cent losses in all 2019 contracts on Wednesday. Spillover from the grains pressured the market lower. Meal futures were 60 cents/ton lower, with May soy oil 14 points in negative territory. May options expire on Friday. Old crop soybean export bookings are seen at 300,000-700,000 MT in tomorrow’s Export Sales report, with 0-50,000 MT for new crop. 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 was also seen as pressure on Wednesday.

May 19 Soybeans closed at $8.55 1/4, down 6 3/4 cents,

Jul 19 Soybeans closed at $8.68 3/4, down 6 3/4 cents,

Aug 19 Soybeans closed at $8.74 3/4, down 6 3/4 cents,

Nov 19 Soybeans closed at $8.89 1/2, down 6 3/4 cents,

May 19 Soybean Meal closed at $300.40, down $0.60,

May 19 Soybean Oil closed at $27.92, down $0.14

--provided by Brugler Marketing & Management




Market Commentary provided by:

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