Soybeans Mixed at Midday

Soybean futures are steady to showing 2 3/4 cent losses in the front months at midday, with new crop contracts higher. Meal futures are up 20 cents/ton, with May soy oil 3 points higher. The monthly WASDE update from USDA showed old crop soybean stocks increasing 100 mbu from last month to 995 mbu, on a reduction to exports. Production for the upcoming season was pegged at 4.15 bbu, with a 49.5 bpa weather adjusted trend yield projection. New crop carryout was seen initially at 970 million, a 25 mbu drop from the 2019 number. USDA left Brazilian soybean production at 117 MMT, with Argentina up 1 at 57 MMT. Chinese imports for 18/19 are now seen at 86 MMT. World carryout for old crop is up 5.82 MMT to 113.18 MMT. New crop was projected at 113.09 MMT. The US did raise tariffs to 25% on $200 billion of Chinese goods, which is a tax paid by US consumers on those imports. There is little evidence to indicate that previous tariffs have reduced Chinese selling prices, but they have reduced import volumes in some cases.

May 19 Soybeans are at $7.97 1/2, down 2 3/4 cents,

Jul 19 Soybeans are at $8.12 1/4, down 1/2 cent,

Aug 19 Soybeans are at $8.19, down 1/2 cent,

Sep 19 Soybeans are at $8.25, unch ,

May 19 Soybean Meal is at $285.50, up $0.20

May 19 Soybean Oil is at $26.37, up $0.03

--provided by Brugler Marketing & Management

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