May Soybeans closed 23 cents higher ($16.60 ½), July 27 ¾ cents higher ($16.42 ½) & Nov 12 ¼ cents higher ($14.43 by¾)
May Soybean Meal closed $1.4 higher ($450.9), July $1.8 higher ($448.8) & Dec $2.3 higher ($422.4)
May Soybean Oil closed 160 pts higher ($68.66), July 160 pts higher ($66.40) & Dec 111 pts higher ($59.07)
Weekly Soybean Export Sales – old crop vs. 0-250 K T. – new crop vs. 200-420 K T.
Weekly Soybean Meal Export Sales – old crop vs. 75-285 K T. expected – new crop vs. 0-50 K T. expected
Weekly Soybean Oil Export Sales – old crop vs. 0-30 K T. expected – new crop vs. none expected
The USDA leaves the old crop soybean data unchanged (of course they are not going to tell you just how tight we really are). Despite the unchanged data old crop soybeans continue to move higher. The USDA suggests the new crop carryout is only 140 million bu. The question now becomes will we be able to garner additional acres planted to soybeans as we go through the planting season. The new crop soybean price action vs. the new crop corn price action suggests we are not going to get that many more. The World old crop carryout was left mostly unchanged. The new crop world carryout increased by 4.5 M T. vs. this year and most of that is in response to them suggesting the new crop from Brazil will approach 144.0 M T. vs. 136.0 M T. this year. The bottomline is that we have not solved the tightness in the old crop and as of this writing the new crop is not looking much better. Old crop soybeans should continue to gain on the new crop but unlike the new crop corn there is nothing bearish about the new crop soybeans (at least not yet).
Support & Resistance – 05/13
July Soybeans: $16.25 – $16.72 (?)
July Soy Meal: $445.0 – $458.0 (?)
July Soy Oil: $65.00 – $67.25 (?)
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