Soybeans 2 to 3 Cents Lower As Meal Price Drags

Trading in the front month soybean futures market has beans starting the Thursday session 2 to 3 cents lower than they were on Wednesday. Beans had a tight 8 cent range yesterday, and ultimately finished with 1/2 to 1 1/2 cent gains. Sept through Jan ’21 contracts closed with fractional gains. The national average soybean basis from cmdtyView was 44.97 cents under July on May 27. Basis has remained between 40 and 48 cents under since March 9. Soybean meal futures closed $1.20 to $1.90/ton lower on Wednesday. Front month soy oil futures rallied 29 to 34 points. US soybean planting through May 24 was 65% complete. That was 10 ppts above the 5-year average. The inverted market for Dalian soybean futures has been unwinding. July was down 41 yuan to 5,005 while Sept traded 9 higher to 4,432 yuan on Tuesday. The dryness persists in Brazil, with the national Monitor de Secas reporting severe dry (S2) pockets in the states of Tocantins and Piaui.

--- provided by Brugler Marketing & Management

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