Soybeans Futures PricesWednesday, May 16th, 2012

Soybeans are slightly higher in the nearby contract, but down slightly in the later months; as much as 11 cents in the Nov contract. Like the corn market the spot July contract was in the lead widening the spread between old and new crop. China has imported 19.9 MMT of soybeans from the U.S this year as of the last weekly export sales report. CNGOIC raised its expectations for 11/12 Chinese soy imports 3 MMT to 58 MMT, which is 2 MMT over the current USDA estimate. It also pegged Chinese soy imports for next year at 60MMT, slightly lower than the USDA estimate of 61MMT. Oil World reiterated that lower 2012 S American soy crop will push Sept 2012—Feb 2013 US exports of soybeans, meal and oil higher. Oil World also lowered its estimate of 2012 EU rapeseed crop another 0.1 MMT to 18.1 MMT—down 1 MMT from 2011 output, which adds more support to the oil seed markets in general. John Deere company recently predicted the average soybean price for next year to be around $13 a bushel, up $2.50 from its February forecast of $10.50.

Jul 12 Soybeans are at $14.17 3/4, up 4 3/4 cents,
Aug 12 Soybeans are at $13.91 3/4, down 2 cents,
Sep 12 Soybeans are at $13.36 1/4, down 3 3/4 cents,
Nov 12 Soybeans are at $12.94, down 11 cents,
Jul 12 Soybean Meal is at $423.10, up $5.90,
Jul 12 Soybean Oil is at $50.37, down $1.10