Soybeans Higher Heading into Extended Weekend

Soybean futures closed Friday with the front months 8 to 8 1/4 cents higher. July soy meal was up $3.30/ton, with soybean oil 23 points in the green. Support was from spillover from the grains. The markets will be closed on Monday in observance of the Memorial Day Holiday. As of May 16, US soybean shipments were just 70% of the USDA full year projection, with the average at 88%. When adding in the unshipped sales, they are 95% of that projection vs. the 98% pace for this time of year. The managed money spec funds cut back 15,704 contracts from their record large CFTC net short position as of May 21. The specs were still net short 153,131 contracts on that date.

Jul 19 Soybeans closed at $8.29 3/4, up 8 1/4 cents,

Aug 19 Soybeans closed at $8.36 1/2, up 8 1/4 cents,

Sep 19 Soybeans closed at $8.43 1/2, up 8 1/4 cents,

Jan 20 Soybeans closed at $8.68 1/4, up 8 cents,

Jul 19 Soybean Meal closed at $300.50, up $3.30,

Jul 19 Soybean Oil closed at $27.01, up $0.23

--provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.