Soybean futures are 10 to 12 cents higher on more short covering after posting sharp 26 to 29 cent gains in most contracts on Tuesday. While some Chicago traders estimated fund buying at over 40,000 contracts yesterday, the preliminary open interest from the Merc showed modest short covering of -5,555 contracts. If the bear party is breaking up, a lot of people need to leave. July soy meal was up $10.70/ton, with soybean oil 39 points higher. Monday afternoon’s Crop Progress report showed that NC was the only state reported at faster than normal pace as of 5/12. MN and IL were 3% planted, with OH and IN at 2%. IA is 13% seeded, with NE at 20% complete. NOPA’s report today is expected by traders to show April member crush of 161.607 mbu, which would be slightly higher than last year. Soybean oil stocks are seen at ~1.779 billion pounds. IEG Vantage, formerly Informa, puts the US soybean acreage for 2019 at 86.4 million acres, up 1.8 million acres from USDA March Intentions.
--provided by Brugler Marketing & Management