Soybeans Higher on Spillover from the Grains

Soybean futures are up 8 to 8 1/2 cents in the front months at midday. July soy meal is $2.10/ton higher, with soybean oil 34 points in the green. Support is coming in the way of spillover from the grains. 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. There were rumors overnight that the White House was somehow going to change existing crop insurance contracts to enhance the payout for prevented planting.

Jul 19 Soybeans are at $8.30, up 8 1/2 cents,

Aug 19 Soybeans are at $8.36 3/4, up 8 1/2 cents,

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

Nov 19 Soybeans are at $8.56 1/4, up 8 cents,

Jul 19 Soybean Meal is at $299.30, up $2.10

Jul 19 Soybean Oil is at $27.12, up $0.34

--provided by Brugler Marketing & Management

Market Commentary provided by:

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