Soybeans

I've been watching this spreads progress prior to Friday's quarterly numbers, with a view to entering this week if things weren't too crazy.

From the Hightower report:

The report was seen as neutral to slightly supportive against trade expectations. However, weakness in corn and the outlook for improved weather ahead helped to push futures lower after the release.

US soybean planted area came in at 77.728 million acres as compared with trade estimates near 77.925 million acres and up from 77.2 million from the March intensions. The range of estimates was 77.1 to 79.2 million acres. 

June 1st Quarterly Stocks came in at 434.5 million bushels compared with trade expectations at 442 million. This is down from 667 billion last year. The high end of the trade estimates was at 500 million bushels with the low end at 413 million.

This effectively gave as a slightly better price in early trade Monday and I was able to enter at a touch better than 51.

We can risk around $600 per contract on this one, which is 12 points. That makes the stop 63.