Soybeans Post Double Digit Gains on Weather Forecasts
BRUG - Wed Jun 12, 5:24PM CDT

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




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