Soybeans Post Double Digit Gains on Weather Forecasts

Soybean futures closed Wednesday with 17 to 18 3/4 cent gains in the nearby contracts. Soymeal was up $5.20/ton, with bean oil 34 points higher. A look at the 7-day QPF shows 3-6 inches for most of the ECB over the next week, with most of the totals later this weekend. With soybean planting progress 28% behind normal on Sunday, the rains threaten to even further delay progress. Analysts expect USDA to show 200,000-500,000 MT in old crop soybean sale for the week that ended on June 6, with 100,000-300,000 MT for new crop. In their US balance sheet, USDA trimmed old crop cash average price by a nickel to $8.50, with their new crop cash price up 15 cents to $8.25. USDA’s chief economist stated they did not have enough info to change the US new crop soybean production numbers, but he expects an adjustment in the July report.

Jul 19 Soybeans closed at $8.78, up 18 3/4 cents,

Aug 19 Soybeans closed at $8.84 3/4, up 18 1/2 cents,

Sep 19 Soybeans closed at $8.91 3/4, up 18 1/2 cents,

Jan 20 Soybeans closed at $9.17 3/4, up 17 1/2 cents,

Jul 19 Soybean Meal closed at $319.50, up $5.10,

Jul 19 Soybean Oil closed at $27.56, up $0.34

--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.