Soybean Morning Update

Soybean Morning Update

GLOBEX Snapshot
Contract Last Net Change High Low Volume
ZSN19 915.25 6.25 917.75 912.5 15795
ZSQ19 920.5 5.75 923 918.25 7485
ZSU19 926.75 6.25 929 924.25 3137
ZSX19 938.25 5.5 941.25 935.5 19227
ZSF20 950.25 4.75 953 947.75 1952
ZMN19 321 3.4 321.3 318.3 3843
ZMQ19 322.4 3.5 322.6 319.9 2089
ZMU19 323.9 3.3 324.3 321.6 1722
ZLN19 28.31 -0.04 28.63 28.2 3085
ZLQ19 28.45 -0.03 28.72 28.34 3661
ZLU19 28.56 -0.03 28.81 28.45 1457

QT News - Top News
-- On Tuesday, SGS pegged Malaysian palm oil product exports in the June 1-25 period at 1.174 mln mt off -15.3% from their May 1-25 estimate.
-- On Tuesday, AmSpec Malaysian pegged Malaysian palm oil product exports in the June 1-25 period at 1.173 mln mt off -14.0% from their May 1-25 estimate.
-- Intertek Tuesday estimated Malaysian palm oil product exports over the June 1-25 period at 1.148 mln mt off -17.8% from their May 1-25 estimate of 1.397 mln mt
-- Customs data from China pegged May soybean imports at 7.36 mln mt off -24% from the year ago month, imports over the January - May 2019 period were 31.75 mln mt off -12.2% from the year ago period.
-- Customs data from China pegged May soybean oil imports at 54,477 mt off -7.4% from the year ago month, imports over the January - May 2019 period were 194,560 mt up +92.6% from the year ago period.
-- Customs data from China pegged May palm oil imports at 610,496 mt up 49.2% from the year ago month

Weekly USDA Progress/Conditions Recap
-- USDA Monday weekly crop progress report showed Soybeans planted progress at 85% complete compared to last week's 77% and year ago week 100%
-- USDA Monday weekly crop progress report showed Soybeans emerged progress at 71% complete compared to last week's 55% and year ago week 94%
-- USDA Monday weekly crop conditions report showed Soybeans 54% good to excellent, 36% fair, 10% poor to very poor versus last week's NA% good to excellent, NA% fair, NA% poor to very poor

Stats Canada Estimates
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting Canola acres at 20.7 mln, that compares to the 21.31 mln acres in the April report and 2018 crop at 22.81 mln acres.
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting Soybean acres at 5.7 mln, that compares to the 5.65 mln acres in the April report and 2018 crop at 6.32 mln acres.

USDA Acres and Quarterly Stockpile Estimates
-- Analysts ahead of this Friday's USDA acreage report analysts are expecting US Soybean planted acres at 84.7 mln, that compares to the USDA March projection at 83.0 mln acres. The data will be released Friday, June 28 at 11:00 am CDT.
-- Analysts are projecting US quarterly grain stocks report this Friday to show US soybean stocks as of June 1 at 1.870 bln bushels, on the year ago date stockpiles were 1.219 bln bu. The data will be released at 11:00 am CDT, Friday June 28th.

PENDING TENDERS
NA

-- Euronext Paris August rapeseed futures on Tuesday are trading +1.00 euro higher at 368.50 euros/mt
-- Dalian Sept soybean futures fell jumped +29 yuan higher Tuesday finishing at 3,462 yuan/mt; Sept soymeal futures added +12 yuan to end at 2,908 yuan/mt
-- Dalian Sept vegoil futures traded mixed Tuesday, soyoil rose +4 yuan finishing at 5,400 yuan/mt, palm oil lost -20 yuan ending at 4,296 yuan/mt
-- Malaysian August cash offers for RBD palm oil and olein on Tuesday traded -$7.50/mt lower at $497.50 and $502.50/mt, respectively
-- Malaysian Sept crude palm oil futures Tuesday traded -18 ringgit lower finishing at 1,980 ringgit/mt
-- Outside markets. Crude Oil off -22c @ $57.69; Gold up +$14.00 @ $1432.20; Silver up +4.4c @ $15.505; US $ index up +4.8c @ $95.53


QT News Cash Markets
Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt
12 pro 11 pro
Jun +75/?? N +60/72 N +85/95 N +167/173 N +127/135 N 450/???
Jly +48/55 N +50/55 N +75/85 N +165/173 N +116/126 N 435/450
Aug +41/47 Q +42/46 U +70/77 U +152/160 U +113/120 U 400/410

Hi-pro meal Soy oil
Chicago -30 N +11 N +20 N
Toledo -20 N +26 N +25 N
Dec ILL -15 N +20 N -14 N -00 N

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