Ag Valley Coop -

Soybean Futures Get Double Digit Boost Overnight

Alan Brugler - Barchart - Tue May 04, 12:20PM UTC

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Beans are trading 10 to 13 cents higher this morning, including contracts that were down yesterday. On Monday, old crop soybean futures closed double digits in the red, but new crop gained as much as 5 1/4 cents. Soymeal ended the session $8.90 to $11/ton weaker. BO futures were mixed as in-delivery May gave back 15 points, but the other nearbys were up 67 to 96 points. There were 64 re-deliveries against May bean futures overnight, with different stoppers this time. The Dreyfus house account took 33 of them.

USDA’s weekly Crop Progress report showed farmers soybean planting progressed from 8% complete to 24% complete over the week ending 5/2. The 5-yr average is to be 11% planted as of now. IA soybean planting rolled from 6% complete to 43% and is now 29 ppts ahead of their average pace.

USDA’s March crush data showed 188.2 bbu of soybeans were processed in March. MYTD soybean crush is 1.3 bbu through March, or 59.4% of USDA’s forecast with 5 months remaining. Barring any changes made in next Wednesday’s report, crushers need to average 177.85 mbu/month to hit the 2.19 bbu target.

USDA reported 143,418 MT of beans shipped during the week that ended April 29, a marketing year low. Exports YTD 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.

May 21 Soybeans closed at $15.60 1/4, down 10 3/4 cents, and up 13 3/4 this morning

Jul 21 Soybeans closed at $15.24, down 10 1/4 cents, and up 12 ¼ this morning

Nearby Cash was $15.32 2/3 yesterday, down 13 1/4 cents,

Nov 21 Soybeans closed at $13.44 3/4, up 5 cents, and up 10 this morning

New Crop Cash was $12.95 ¾ yesterday, up 4 5/8 cents,

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