Soybeans Up 2 Cents With Strong Crush Margins

Soybean futures are mostly 2 cents higher this morning ahead of the weekly Export Sales report. The nearby contracts closed 6 to 7 cents higher on Wednesday. July soy meal was up $3/ton, with soybean oil 17 points in the green. Board crush margins remain very attractive for processors, and the US has ample supplies of soybeans. There is rampant speculation about the shape of USDA’s next trade war adjustment program. The official announcement could come as early as today. The magic number may be around $16 billion. Trade estimates for the weekly Export Sales report are for 0-400,000 MT of old crop and 100,000-400,000 MT for new crop soybeans in the week of 5/16. Meal is seen at 75,000-400,000 MT, with soy oil at 4,000-25,000 MT.

--provided by Brugler Marketing & Management




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