Soybeans Up 5 cents Overnight

Soybean futures are mostly 5 to 5 3/4 cents higher after ending the Thursday session with most nearby contracts 7 to 7 1/4 cents lower. July soy meal was down $1.10/ton, with soybean oil 53 points lower. The 2019 version of MFP payments will include $14.5 billion in direct payments to producers. The rates (released at a later time) will be calculated on a county basis, based on localized damages. Payments will be multiplied by aggregate acres of the affected crops planted, and not the individual commodity as to “not distort planting decisions.” It could limit the number of PP acres claimed in order for producers to qualify to receive aid, however. The Export Sales report on Thursday showed 535,848 MT of old crop soybeans sold during the week of May 16. That was a 44.5% jump from last week and well above last year for this time. Unknown destinations purchased a total of 255,500 MT. New crop sales totaled just 5,100 MT. Meal sales totaled 300,059 MT, with soy oil at 9,088 MT.

--provided by Brugler Marketing & Management




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