Ag Valley Coop -

Soybeans Higher Again in Early Wednesday Trade

Alan Brugler - Barchart - Wed May 05, 12:26PM UTC

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Wednesday soy trading begins with futures 9 to 13 cents higher. Tuesday’s session came to a close with beans up 13 to 18 3/4 cents. Short covering was noted, with preliminary open interest dropping 1,165 contracts. There were 31 deliveries overnight vs. May soybean futures. November and September were the strongest on Tuesday as Sept closed at $14/bu. Soymeal futures ended the session $5.60 to $7.30/ton higher. May meal is now $423.50/ton ahead of its May 14 expiration. BO futures closed 52 to 102 points higher. May soy oil contracts were 36 points in the red to 67.95 c/lb, with 698 contracts still open as of 5/3.

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.

Official Brazilian export data revealed 17.38 MMT of soybeans (638 million bushels!) were shipped out in April. That was up from 14.85 MMT in April of 2020, and a new record for the month.

May 21 Soybeans closed at $15.77, up 16 3/4 cents, and up 13 more this morning

Jul 21 Soybeans closed at $15.38 1/4, up 14 1/4 cents, and up 10 cents this AM

Nearby Cash was $15.47 4/5 yesterday, up 15 1/8 cents,

Nov 21 Soybeans closed at $13.63 1/4, up 18 1/2 cents, and up 9 1/2 this morning

New Crop Cash was $13.13 3/7 yesterday, up 17 5/8 cents,

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