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May Soybeans finished up 14 1/4 at 1421, 1 off the high and 14 3/4 up from the low. July Soybeans closed up 13 at 1401. This was 14 up from the low and 1/4 off the high.
May Soymeal closed up 3.4 at 415.0. This was 4.3 up from the low and 0.4 off the high.
May Soybean Oil finished up 0.32 at 49.8, 0.3 off the high and 0.33 up from the low.
May soybeans traded higher on the day as the market bounced from a slightly oversold nearby position. Calendar spreads saw support with speculative buying interest in the July/November calendar spread. Questions remain as to just how strong Chinese demand for soybeans is at the moment after reports surfaced that Brazilian cargos were canceled. Some analysts suggest that stocks are low in China and delays in loading vessels in Brazil could mean shipments shift to the US. FOB basis levels were steady to slightly weaker midday on soft demand and have fallen from levels late last week which suggests despite delays in Brazil, cargos have not been switched. In fact, inspection data continues to show that shipments have slowed this month. Soybeans also found short covering support on thoughts next week's USDA report could hold a bullish surprise on a sharp revision lower in stocks due to explosive demand so far this crop year.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.