Ag Valley Coop -

Beans in Red at Midday

Alan Brugler - Barchart - Mon May 03, 4:39PM UTC

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ZSK24 - Soybean

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ZSPAUS.CM	11.1383	-0.0143	-0.13%
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ZSPX21US.CM	12.3270	+0.2300	+1.90%

So far soybeans are down 3 to 11 cents for the new month of trading. May contracts are $15.60/bu with 4,422 contracts still open as of 4/29. Soybean meal futures are also lower through midday with $5.50 to $7.70/ton losses. BO futures are mostly lower, giving back early session gains, as July is down 41 points but August is holding onto 9 point gains. CME reported another 66 deliveries issued for May soybeans. There were also 488 deliveries against soy oil.

USDA reported 143,418 MT of beans shipped during the week that ended April 29. That was a MY low and down 62% from the same week last season. The full season’s soybean exports remain on record pace, 64% above 19/20, with 2.037 bbu shipped through 4/29. That is 89% of USDA’s April export forecast. The May update is scheduled for next Wednesday the 12th.

Strategie Grains trimmed their EU rapeseed output by just 20k MT to 16.78 MMT. The European Commission however sees EU rapeseed output at 16.5 MMT. The EU Commission cited frost damage concerns in France as a limiting factor in a rapeseed rebound after 2020’s dryness. Good conditions in Germany and Poland offset the French frost.

Ahead of USDA’s March crush data, the trade is looking for a 3.7 mbu recovery from Feb’s low crush with the average of estimates at 188.4 mbu. NOPA members reported processing 177.984 mbu in March. BO stocks are estimated at 2.317 billion lbs, which would be up from 2.306 billion February if realized.

May 21 Soybeans are at $15.60, down 11 cents,

Jul 21 Soybeans are at $15.22 1/2, down 11 3/4 cents,

Nearby Cash is at $15.31 1/3, down 14 5/8 cents,

Nov 21 Soybeans are at $13.36 3/4, down 3 cents,

New Crop Cash is at $12.87 7/9, down 3 3/8 cents,

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