Soy Mixed at Fridays Close

Soybeans go into the weekend mixed as the front months May and July were higher, while the nearby Aug and Sept contracts were UNCH and lower. May beans were 19 cents higher Friday to Friday. Soybean meal futures closed the week $2.10/ ton lower, but posted a Friday gain of 20 cents/ton for May contracts. May bean oil futures closed with a 35 point gain, which added to the 121 point gain wk/wk. Private exporters reported a large export sale of 163,290 MT of soybeans to Mexico with a 19/20 MY delivery. In the weekly update from the CFTC, soybean spec traders were 2,444 contracts net short on 03/24. That is less short by 28,202 contracts wk/wk, from short covering. Soybean meal spec trading also saw short covering and was 22,999 contracts more net long. Managed money soybean oil traders flipped to net short on Tuesday, their net long lasted 27 weeks. Brazil has shipped 7.18 MMT this month so far. The Foreign Trade Department forecasts the month total at 9.5 MMT which would be a 12% increase yr/yr. The IGC is projecting the world soybean crop will be 366 MMT vs. 341 MMT the previous year.

May 20 Soybeans closed at $8.81 1/2, up 1 1/4 cents,

Jul 20 Soybeans closed at $8.85 1/4, up 1/2 cent,

Aug 20 Soybeans closed at $8.85 3/4, unch,

Sep 20 Soybeans closed at $8.79, down 1 1/2 cents,

May 20 Soybean Meal closed at $323.10, up $0.20

May 20 Soybean Oil closed at $26.85, up $0.35

--- provided by Brugler Marketing & Management

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