Soybean futures are mostly 2 to 4 1/4 cent lower on Monday, despite an impressive NOPA report. Soy meal are down $1.70/ton, with front month soy oil 16 points lower. This morning’s Export Inspections report indicated that 444,987 MT of soybeans were shipped for the week that ended on April 12. That was 16.74% larger than the previous week but 2.11% lower than a year ago for this week. The monthly NOPA report showed the group’s members crushing a record 171.858 mbu of soybeans during March. That was well above estimates, as it was 11.8% larger than February and 12.28% above March 2017. Stocks of soy oil grew by almost 10.86% from last month at 1.946 billion pounds, below expectations. Safras & Mercado updated their soybean production estimate for Brazil to 119.2 MMT.

May 18 Soybeans are at $10.50, down 4 1/4 cents,

Jul 18 Soybeans are at $10.61 1/4, down 3 3/4 cents,

Aug 18 Soybeans are at $10.61 3/4, down 2 3/4 cents,

Sep 18 Soybeans are at $10.53, down 2 1/2 cents,

May 18 Soybean Meal is at $381.10, down $1.70

May 18 Soybean Oil is at $31.32, down $0.16

Market Commentary provided by:

Brugler Marketing & Management LLC
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