Ag Valley Coop -

Soybeans Rally Back on Turnaround Tuesday

Alan Brugler - Barchart - Tue May 04, 4:39PM UTC

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After giving back some gains Monday, Tuesday soybeans are up double digits. Old crop prices are 11 3/4 cents to 21 cents higher. New crop futures are also stronger so far with gains of as much as 11 cents. Soymeal prices are $2.20 to $2.80 in the black. BO futures are up 66 points in July and 94 points in August.

The monthly export data from Census showed 2.295 MMT of soybeans were shipped in March. That was down 49% from February bean exports and was down 11% yr/yr. Accumulated soybean exports for the season through March remain at record pace with 56.35 MMT (2.07 bbu). For soy products, Census data showed 1.178 MMT of meal shipped in March and 70,685 MT of soy oil. For BO that was the lightest March export since 12/13.

USDA’s March crush data showed 188.2 mbu 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’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.

May 21 Soybeans are at $15.81 1/4, up 21 cents,

Jul 21 Soybeans are at $15.35 3/4, up 11 3/4 cents,

Nearby Cash is at $15.51 3/8, up 18 5/8 cents,

Nov 21 Soybeans are at $13.55 1/2, up 10 3/4 cents,

New Crop Cash is at $13.11 1/6, up 15 3/8 cents,

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