Soybeans Hold Gains, Weighted by Grain Complex

Soybean futures closed Tuesday with most contracts fractionally to 2 cents higher. Forecasts for heavy rainfall totals in most of the Corn Belt (especially the ECB), with 23% of the crop left to be planted supported the market. Losses in corn and wheat were seen as pressure. Soymeal was down $2.30/ton, with bean oil 19 points higher. USDA reported that IL was 70% planted, IN was 74%, MO at 57% and OH just 46% planted by Sunday. MN was 94% complete, with IA at 89% and NE 91% planted. TN was the only of the 18 states reported faster than normal.

Jul 19 Soybeans closed at $9.13 1/2, up 3/4 cent,

Aug 19 Soybeans closed at $9.20 1/4, up 1 cent,

Sep 19 Soybeans closed at $9.27 1/4, up 1 cent,

Jan 20 Soybeans closed at $9.52 1/4, up 1 1/2 cents,

Jul 19 Soybean Meal closed at $322.00, down $2.30,

Jul 19 Soybean Oil closed at $28.33, up $0.19

--provided by Brugler Marketing & Management

Market Commentary provided by:

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