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Soybean Meal (P) Futures PricesTuesday, May 22nd, 2012Current Prices | End-of-Day Prices | Options Quotes | Spread Quotes | Profile
Soybeans are trading double digits lower. Iowa is now experiencing the driest 30 days since 1881 fueling concern about uneven stands. Old crop prices are above the 100 day moving average but have been posting lower highs and lower lows this month. New crop futures are hovering around the 100 day moving average with Stochastics oversold. Soybean planting is progressing, with USDA reporting 76% of the crop in the ground. Cumulative export shipments now lag last year by 248 million bushels. We have been 290 million behind earlier in the year, so the South American production problems have pulled some business forward. New crop export sales are above the last five years. Jul 12 Soybeans are at $13.93 3/4, down 18 3/4 cents,
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