Soybeans
Soybean futures are currently trading 2 to 5 cents higher since finishing with gains of mostly 3 to 5 cents on Thursday. Soy meal was down $1.20 in the front month, with July 17 soy oil 65 points higher. Planalytics lowered their 2017 US soybean yield estimate 0.2 bu/ac to 46.8 bu/ac. Thursday’s NOPA reports showed May crush blowing by estimates at 149.246 million bushels, which is 7.27% larger than April and 4.67% below May 2016. Soy oil stocks hit expectations on the nose at 1.749 billion pounds, 1.37% above April but 12.27% lower than last May. US exports for that week were improved over last week at 489,028 MT. Export commitments for 2016/17 soybeans are 106% of the USDA export estimate, well above the average of 100% for this date and last year’s 97%. Compared to last year, they are 19.6% larger YTD.



Market Commentary provided by:

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