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




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